Founder of South African footwear company in liquidation posts cryptic messages

The founder of the South African footwear company Drip, which recently entered liquidation, unveiled two new sneakers with cryptic messages about them.

Last week, Drip Footwear made headlines after the Johannesburg High Court ordered the company to be liquidated as it failed to pay R20 million for advertising services.

The liquidation order caused its employees to be laid off, and its 14 stores are set to close in the coming months.

Drip founder Lekau Sehoana is experienced in the field. He has been in the industry for 16 years and launched Drip after numerous of his startups failed.

The company made a splash in South Africa and showed rapid growth through partnerships with high-profile celebrities like Cassper Nyovest.

In July this year, Drip hosted a glitzy five-year anniversary party, at which the founder hosted politicians and celebrities.

This party happened when Drip was under immense financial pressure and at risk of liquidation for not paying its agency, WideOpen Platform.

In January 2024, WideOpen Platform approached the court to liquidate Drip, arguing the company was insolvent and could not pay its debts.

WideOpen Platform was not the only company to which Drip owed money. The V&A Waterfront in Cape Town terminated Drip’s lease for failing to pay its rent.

The V&A Waterfront also filed papers in the Johannesburg High Court demanding that Drip pay R1.1 million in outstanding rent.

Drip has also been mired in controversy, with Sehoana asking Gauteng economic development MEC Lebogang Maile for help recovering R3.6 million from the Reserve Bank.

Maile wrote a letter to Governor Lesetja Kganyago asking for leniency on behalf of Drip, which was at risk of losing millions for violating foreign exchange regulations.

The house of cards came tumbling down after the Johannesburg High Court ordered Drip’s liquidation despite Sehoana opposing the legal proceedings.

Last week, Sehoana told his workers their employment had been terminated after months of late and missed payments.

On Sunday, City Press reported that Drip’s demise was caused by Sehoana, “who appears to have used the profits of the business to fund his lavish lifestyle and sports vehicles”.

It reported that Sehoana “allegedly failed to pay monthly instalments for a luxury X5 and subsequently owes more than R6.3 million”.

“Added to his financial woes is a bitter divorce dispute with his estranged wife, Lebohang, demanding a 50% stake in all his assets,” it said.

Despite these challenges, Sehoana, describing himself as the executive chairperson of Ubuhle Bendalo Investment, posted pictures of two new sneakers on his social media account.

On 10 October 2024, Sehoana posted a photo of a new pair of sneakers with the message, “Unreleased…. Unreleasable”.

On the same day, he posted another picture of a different pair of sneakers with the message, “Unreleased, 1/12/2024”.

This sparked speculation that Sehoana plans to launch the sneakers despite Drip going into liquidation.

New pair of Drip sneakers, posted by Sehoana