Crowdfunding campaign saves Finnish fashion brand from bankruptcy

Samuji had filed for bankruptcy due to unpaid pension contributions of 150,000 euros.

Image: Pekka Sipola / AOP

Finnish fashion firm Samuji appears to have dodged their impending bankruptcy with a successful crowdfunding campaign. The campaign, which was organised through Finnish crowdfunding platform, has raised nearly 155,000 euros—5,000 more than the minimum goal of 150,000 euros.

More than 560 donors contributed to the campaign, which began on 28 August. The ultimate goal was to raise 40,000 euros to fund the brand’s autumn collection. The last date to contribute to the campaign was on 2 September.

Samuji had accumulated around 150,000 euros worth of debt in unpaid employee pension contributions, which pensions firm Ilmarinen sought to recover. This resulted in the bankruptcy filing. The company said that they are making significant changes to the business, such as focusing more on online retail.