LONDON, United Kingdom — British athleisure retailer Sweaty Betty is rumoured to be limbering up for a $524m sale.
In accordance with sources near the matter, the corporate, based in 1998 by husband and spouse duo Tamara and Simon Hill-Norton, is presently present process non-public deliberations. Potential suitors may embrace giant retailers or a non-public fairness agency, revealed Bloomberg.
Having spent the previous couple of years specializing in enlargement throughout the US and Asia, the corporate now operates greater than 60 shops globally — together with a 3,500 sq ft flagship in London. This progress, coupled with a revamp of its ecommerce website has helped propel the model’s turnover, which sat at £56.6m in 2018 — an 18% year-on-year climb.
Regardless of the corporate remaining silent on the impression of coronavirus on its operations, the athleisure class extra usually has emerged as one of many winners of the pandemic.
The Sports activities Edit, one in all Europe’s main premium activewear e-tailers, not too long ago reported its best-ever 12 months, rising 145% in 2020.
“We’ve been up 200-300% over the totally different months of lockdown,” founder Nick Paulson-Ellis informed Welltodo. “However even a enterprise of the size of Lululemon has been up 125% on-line,” he added.
Learn Extra: Athleisure Gross sales Are Surging & ‘E-Tailers’ Are Reaping The Advantages
British athleisure model Varley, additionally revealed in an episode of The Enterprise of Wellness Podcast, that it continues to see its e-commerce rise by 100% year-on-year, with 60-70% of year-on-year progress total.
Manufacturers together with ASOS, Athleta, adidas and TALA have additionally reported robust gross sales, whereas simply this week athleisure model Gymshark hit £1.Three billion in valuation after elevating capital from progress fairness investor Basic Atlantic.
Learn Extra: Gymshark Closes In On Nike & Adidas Following £1.3bn Valuation
In accordance with the formidable startup, regardless of the worldwide pandemic, it reported its strongest quarter in Q1 2020 by way of income progress.
With such a beneficial market outlook and ongoing curiosity from traders eager on aligning themselves with wellness, Sweaty Betty seems to be in a robust place to chop a deal.