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White Fox’s billionaire founders are raking it in · The Front

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  Speaker 1: Today's Biggest News from The Australian. I'm Claire Harvey with
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  Speaker 1: the Front's afternoon headlines. It took months of coaxing and
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  Speaker 1: a fine in the hundreds of thousands of dollars, but
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  Speaker 1: the billionaire co founders of the white Fox fashion empire
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  Speaker 1: have finally filed their paperwork with the corporate regulator. Husband
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  Speaker 1: and wife founders Daniel and Georgia Kontos, filed financial documents
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  Speaker 1: for the twenty twenty two financial year with the Australian
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  Speaker 1: Securities and Investments Commission on Sunday, and the documents show
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  Speaker 1: their raking in big profits and huge dividends. White Fox
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  Speaker 1: launched in twenty thirteen, selling vintage clothing on eBay. More
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  Speaker 1: than a decade later. The fashion retailer is known for
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  Speaker 1: its plush branded hoodies and slinky party dresses. The documents
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  Speaker 1: show white Fox made twenty five million dollars in net
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  Speaker 1: profit from one hundred and twenty one million dollars revenue
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  Speaker 1: in twenty twenty two, almost double what it made in
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  Speaker 1: the previous financial year. Separate filings with the Australian Taxation
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  Speaker 1: Office show white Fox has since gone gangbusters, raking in
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  Speaker 1: total income of almost half a billion dollars in twenty
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  Speaker 1: twenty four. Daniel and Georgia Kontos made their first appearance
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  Speaker 1: on the List Australia's Riches to fifty earlier this year.
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  Speaker 1: They're worth an estimated combined fortune of one point four
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  Speaker 1: to two billion dollars. Treasure Jim Chalmers says the dramatic
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  Speaker 1: tumble in auction clearance rates across the country is a
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  Speaker 1: good thing for first home buyers. Clearance rates that's the
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  Speaker 1: percentage of properties sold at auction, have been falling since
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  Speaker 1: Charmers announced a raft of property tax reforms on Budget night.
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  Speaker 1: Experts say fears of further interest rate rises are making
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  Speaker 1: potential buyers nervous, and some economists say Charmers has simply
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  Speaker 1: spooked the market and this isn't going to make it
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  Speaker 1: easier for young Australians to buy a home.
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  Speaker 2: But if we are making it easier for first home
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  Speaker 2: buyers to get a fair crack at auction, then that's
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  Speaker 2: a good thing. We've only seen the preliminary numbers for Saturday.
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  Speaker 2: Some of those preliminary numbers have come up a bit.
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  Speaker 2: In other markets they've gone down a bit or see
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  Speaker 2: the final numbers in due course. But the budget is
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  Speaker 2: not the only factor when it comes to those auction
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  Speaker 2: clearance rates. There are other factors like interest rates, and
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  Speaker 2: that's why we had already seen some movement in auction
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  Speaker 2: clearance rates before the budget.
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  Speaker 1: Check out those stories live right now at the Australian
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  Speaker 1: dot com dot au and come back to the front
• 2:28
  Speaker 1: first thing in the morning for bigger news from us
• 2:30
  Speaker 1: at The Australian. A new video and audio documentary series
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  Speaker 1: about one of the most dramatic adventure stories in the
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  Speaker 1: history of our submarine fleet, the near death of sixty
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  Speaker 1: Australian men and women deep in the Indian Ocean. It's
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  Speaker 1: a podcast in video series called The Flood, and we'll
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  Speaker 1: have a sneak peek right here Tuesday morning.