Founded in Sydney, the brand has leveraged social media to fuel its rapid growth. (Source: WhiteFox/Instagram)
The latest Corporate Tax Transparency Report has been released, and it’s a treasure trove of information on a number of privately held companies.
All the celebrities are out there revealing details. Global industrial, major financial, major manufacturing concerns. and a major fashion house. And in that last group, I found a name that surprised me.
A new name on the scene. In just its second year, White Fox has overtaken Gucci and is on track to overtake Hermès.
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White Fox is quickly becoming a giant in the fashion industry.
Let’s say the obvious part out loud. Over $400 million is a lot of revenue. The Corporate Tax Transparency Report aims to shine a light on large corporations. It’s not there to pursue family businesses, but rather is designed to shine a light on big companies in the name of transparency.
The entry threshold is $100 million in income (i.e. revenue). White Fox has easily crossed that threshold, twice so far. And its second appearance on the proud list garnered more than double the attention it received the first time…
Now, may I ask? If you’re not on Instagram, don’t have a daughter, or don’t live in an area that’s blessed with private girls’ schools, you’re probably unfamiliar with the brand and unaware of its implications.
This is one of the Baader-Meinhof phenomena, whose name you hear everywhere now. White Fox is a women’s clothing brand that specializes in slouchy hoodies with logos on the back. Walk past a frozen yogurt store on the weekend and you’re likely to see a crowd reveling in the company’s $80 clothing.
Don’t make your logo that big unless your brand image is perfect. So who are they and how did they rise to the top so quickly?
The answer is, this brand is social media first. At the absolute top of their website you can see their Instagram logo and number of followers (2.7 million). While some fashion brands emphasize the authenticity of their relationships with garment manufacturing and imply that their brand’s strength is downstream effects, White Fox is not at all shy about doing the opposite.
“[H]“We pioneered the power of social media and influencer marketing and quickly built a brand destined for success,” the company boasts.
This is a reversal of the traditional way brands are built, and younger generations are buying into it. Numbers don’t lie. $400 million in revenue is not a mistake. Did I mention profits?
Corporate tax transparency reports include taxable income, which can be broadly considered profit, depending on a number of variables. White Fox declared a huge taxable income of $146 million in 2023-34. This is a benefit from their global operations, and of course they sell all over the world, despite not having a physical store anywhere (again, in contrast to the big Euroateliers on this list, who absolutely adore high-profile locations).
TheWhite Fox brand began by connecting with celebrities on social media and has pursued an influencer-driven marketing strategy ever since. They have a program called White Fox University where young people can become content marketers in exchange for 10 products a month. To apply to the university, candidates must have 2,000 followers each on Instagram and Tiktok.
The brand is only 12 years old, but its founder is in his early 30s and on the rich list. Daniel and Georgia Kontos (née Moore) attended high school together at St Andrew’s School in Sydney and soon went into business. The Australian Financial Review reports that the pair married in 2021 and now own a large property in Vaucluse, Sydney.
Diversifying into real estate is smart. Because fashion is a fickle business, and this story perhaps serves as a warning. The moment a brand gains recognition among the economist class is almost certainly the moment it loses its cultural prestige among the cool kids. Be careful buying these hoodies for your sister, daughter, cousin this Christmas. It can quickly become outdated.
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