// Iain Martin named new CEO of Mahabis
// He will take over James Cox, interim CEO since Mahabis was bought out of administration
// xMahabis fell into administration on December 27 and within days it was bought by YYX Capital
Mahabis has appointed Iain Martin to take on the role of chief executive.
According to Press Association, Martin – a former managing director of online retailer Moonnpig – will take over from interim boss James Cox.
Cox stepped into the role when the online footwear retailer was acquired out of administration in January by YYX Capital, the investment boutique he co-leads.
Martin was Moonpig managing director for nine years from 2006, during which time he oversaw its £120 million sale to PhotoBox Group.
Mahabis, which was launched in 2014 by Ankur Shah and is known for its premium slippers that can be worn outside, had initially called in the administrators on December 27.
It was thought to be valued at as much as £100 million, but for the 12 months to 2017 Mahabis reportedly owed £2.6 million to creditors – a stark increase from £927,000 in the previous year.
However, Cox said that in the 2016/17 year, Mahabis achieved around £25 million in sales and recorded operating earnings of £2.5 million.
Cox, who is also the co-founder of Simba Sleep, but will hand over the day-to-day reins to Martin as of Monday.
“Iain has a wealth of experience gathered from more than 20 years in senior commercial, marketing, operational and technical roles, spanning large and small scale businesses,” Cox said.
“We’re delighted to have such a high calibre CEO on board.”
He added: “Iain’s solid track record of devising and delivering growth strategies, scaling teams at pace, whilst simultaneously nurturing collaborative and positive team cultures gives us absolute confidence that he is the right person to further grow Mahabis globally, and at speed.”