The founders of Australian fashion label White Fox Boutique, Georgia and Daniel Contos, have revealed extraordinary profits from their rapidly expanding business after the company lodged its first public financial accounts.
Documents filed with ASIC show White Fox recorded a net profit after tax of $24.7 million for the 2022 financial year, marking a dramatic 170 per cent increase from the $9.1 million reported the previous year.
Revenue also surged from $65.5 million in 2021 to $121.7 million in 2022, while the company paid $10.6 million in income tax and spent $13.5 million on marketing.
The filings also revealed the couple paid themselves a dividend of $9.9 million.
The financial statements provide the first detailed public insight into the business, which has largely operated away from public scrutiny despite its rapid rise.
Last year, ASIC fined White Fox $187,800 for failing to meet its financial reporting obligations, with large private companies required to submit accounts if they exceed 100 employees and annual revenue above $50 million.
The company’s filings also highlighted ongoing international expansion following the 2022 reporting period.
“During the financial years following the reporting period, the group entered into agreements with third-party service providers to provide warehousing and logistics services to support the expansion of the group’s sales in overseas jurisdictions,” the documents stated.
“These arrangements are consistent with the group’s strategic growth initiatives and ongoing operations.”
Alongside Australia, White Fox has expanded into the UK and US markets, with tax records suggesting the business has continued to grow significantly since 2022.
According to Australian Taxation Office records, White Fox reported total income of $429 million in 2024 — more than double the previous year — and paid $46.9 million in tax. Based on the corporate tax rate, the company is believed to have generated profits exceeding $100 million.
Founded in 2013, White Fox built its success through aggressive social media marketing and influencer partnerships, with celebrities including Kim Kardashian and Emily Ratajkowski seen wearing the brand’s popular hoodies.
The company now has 2.7 million Instagram followers and operates from a $12.5 million warehouse headquarters in Rosebery, Sydney.
Georgia, 33, and Daniel, 34, are now estimated to have a combined net worth of $1.4 billion.
In recent years, the couple has reportedly spent around $150 million acquiring luxury homes in Sydney’s Vaucluse, where they are planning a large harbourfront residential compound.
Source: The Daily Telegraph
