Skip to content
Search

Latest Stories

UK’s Luxury Brand Mahabis Moves Into Administration With £2.6 Million Debt

UK’s luxury slipper brand Mahabis has become the latest retail business casualty, calling the administrators amid Christmas and New Year celebrations.

Interestingly, still, it is not clear what caused to the firm’s financial turmoil. However, its accounts show it owed £2.6 million in 2018.


The London-based brand had witnessed a steep growth in a short period of time, successfully selling one million pairs of slippers in just four years. The business was highly relied on pop-up advertisements to reach shoppers and customers. When it comes to the sale of the slippers, a pair cost around £70, were reported to be in excess of £20m.

The retail business, Mahabis was founded in 2014 by Ankur Shah who moved forward to serve the market in a unique style targeting the young population. The stylish trendy woollen slippers could be transformed into outdoor footwear using detachable rubber soles.

Ankur Shah is the son of Indian parents who arrived in England during the 1970s as fully qualified physicians. Initially, Shah was trained as a barrister before starting his business in the UK.

Shah’s firm advertised widely through social networks such as Facebook and Instagram in an attempt to attract the younger generation. The slippers were sold in 44 countries, with Mahabis claiming to have shifted millions of pairs.

“Unfortunately, we are very sorry to report that Mahabis limited entered administration late on December 27, 2018. We have, for the moment, ceased trading as the administrators take over the business… We are all desperately disappointed at this outcome. Please bear with us as we do our best to work through the current circumstances,” said Mahabis in a statement on its website.

In an advisory to its customers, the firm has also added, “any customers who return goods will have an unsecured claim in the Administration for any funds owed. It is very likely that if you return goods you will not receive a full refund and any refund will take many months...”

The firm had provided a healthy, comfortable environment for its staff. Accordingly, the firm's staff worked four days per week and were encouraged to work from anywhere and anytime.

More For You

UK–Africa business summit 2025

UK–Africa business summit 2025

UK–Africa business summit 2025 highlights trade, technology and resilient partnerships

Highlights:

  • Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
  • Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
  • Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
  • Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.

The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less