Sweaty Betty sells for near £300m to US agency Wolverine Worldwide after demand for its ‘bum sculpting’ leggings and padded sports activities bras soared throughout lockdown
Sweaty Betty has been bought for near £300 million
Sweaty Betty has been bought for near £300 million to US agency Wolverine Worldwide after demand for its ‘bum sculpting’ leggings and padded sports activities bras soared.
The model, which counts celebrities akin to Jennifer Aniston and Halle Berry (pictured) as followers, was based in 1998 in London and has round 60 shops within the UK and Asia, and likewise sells from concessions in Selfridges, Harrods and department shops within the US.
The brand new proprietor, finest often called a shoe producer, has purchased it from L Catterton, the personal fairness firm co-owned by Bernard Arnault, boss of Louis Vuitton proprietor LVMH and the world’s richest man.
Sweaty Betty was boosted by the sturdy demand in the course of the pandemic as girls seemed for comfortable garments for residence and train.
It had already boosted gross sales to £79.9 million in 2019, up from £63.1 million in 2020, narrowing losses to £1.1 million from £4.2 million. The brand new homeowners might push Sweaty Betty into footwear, whereas its experience could possibly be used to spice up different manufacturers in Wolverine’s secure, together with Merrell and Saucony.
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