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Odin Ice Baths, a prominent luxury wellness company endorsed by Chris Hemsworth, has entered administration, leaving a trail of nearly $6million in debts and unfulfilled orders.
The company, known for its high-end saunas and ice baths, has ceased operations, impacting customers, suppliers and employees.
Founded 13 years ago by Jonathan James Clare, Odin Ice Baths gained popularity for its therapeutic benefits, attracting a loyal customer base that included high-profile figures like Hemsworth.
Hemsworth, 41, promoted the business in a clip shared to social media in 2023, in which he was seen enthusiastically jumping into an Odin ice bath as part of his exercise routine.
‘Best ice tubs for my workouts! @Odinicebaths #recovery,’ Chris wrote next to the clip.
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Odin Ice Baths, a prominent luxury wellness company endorsed by Chris Hemsworth , has entered administration, leaving a trail of nearly $6million in debts and unfulfilled orders
However, according to ASIC, the company’s recent financial troubles culminated in the appointment of administrators last month after it amassed $5.9million in debts.
Administrators Nick Keramos and Bill Karageozis of McCleods Accounting have indicated that unsecured creditors are unlikely to recover their $4.5 million owed.
Investigations revealed significant financial mismanagement, including the recent sale of company assets like luxury vehicles, despite mounting financial pressures.
Mr. Clare has expressed deep regret over the company’s collapse, attributing it to operational challenges and production delays.
He emphasised his personal financial commitment to Odin Ice Baths, acknowledging critical mistakes in business strategy.
‘I don’t want this to appear like I didn’t make mistakes… I absolutely did and I take responsibility for those mistakes and the mistakes of the company as a whole,’ he told The Daily Telegraph.
It is a staggering blow for the small company that once boasted the endorsements of some of the biggest names in wellness – including Hemsworth, Mark Wahlberg, Amanda Nunes and F1 driver Lewis Hamilton.
Ice baths has grown a cult following in recent years and has become an increasingly popular wellness product offered by gyms and spas.
Founded 13 years ago by Jonathan James Clare, Odin Ice Baths gained popularity for its therapeutic benefits, attracting a loyal customer base that included high-profile figures like Hemsworth
Hemsworth promoted the business in a clip shared to social media in 2023, in which he was seen enthusiastically jumping into an Odin ice bath as part of his exercise routine
Some studies suggest the practice offers a mild benefit in alleviating muscle soreness after exercise.
Mr Clare’s ice baths initially caught traction on a local Facebook group, which lead the entrepreneur to expand his idea into a full-sized business.
‘Everyone struggles – most people have something that they’re dealing with but it’s not what happens to you in life, it’s your reaction to it,’ he told a Commonwealth Bank profile.
‘That’s why I thought my business might provide a solution for others that I’ve provided for myself.
‘Business is not for the faint of heart and I underestimated how difficult a business would be to run.
‘But we got through the tough times, and we just got a bit better at everything and we learnt as we went.’
Six months into his endeavour, Mr Clare told wellness magazine Body + Soul he was projected to reach $3million in sales by the close of his first year.
‘Psychologically, I’ve kind of always got it in the back of my mind that this could be my last five years on Earth,’ he said.
‘There is a small but significant chance that this could be the case, and as a result, that’s kind of pushed me to kind of do something with my life.’
