Upmarket sportswear brand Sweaty Betty has been bought by US-based Wolverine Worldwide for almost £300m.
Founded in London’s Notting Hill in 1998, the company expanded rapidly on the back of the popularity of so-called athleisure fashion.
Known for its figure-hugging leggings, Sweaty Betty clothing has been a favourite of celebrities, including Jennifer Aniston and Halle Berry.
Chief executive Julia Straus will stay at the firm after the £294.4m deal.
Wolverine Worldwide is best known for selling footwear, but hopes to capitalise on the growth in demand for sportswear that surged during the pandemic.
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Sweaty Betty founders, husband and wife Tamara and Simon Hill-Norton founded the business as a competitor to the sportswear lifestyle brand LuluLemon, which was founded in 1998 in Canada but is now an international brand.
Sweaty Betty has expanded to operate a chain of 65 shops across the UK. It also has stores in Hong Kong and is sold in 99 Nordstrom outlets in the US.
Brendan Hoffman, president of Wolverine Worldwide, said in a statement: “Sweaty Betty’s expertise and focus on apparel, female consumers, and best-in-class digital execution has proven to be a winning combination.”
“We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio,” he continued.
‘Masculine and shapeless’
Tamara and Simon Hill-Norton said in a statement: “We’ve seen phenomenal growth at Sweaty Betty in the last few years, and we’re now delighted to have found the right partner in Wolverine Worldwide to accelerate the next phase of the journey.”
“We founded Sweaty Betty in 1998 with the purpose to empower women through fitness, and today we are delighted to have found the right partner in Wolverine Worldwide, a company that is perfectly positioned to support the acceleration of our mission.”
Ms Hill-Norton has said that when she started the business it was “all dark and boring and the sports industry just didn’t talk to women”.
She said that in 1998, activewear was “masculine and shapeless” so she thought it was time to create clothes that “made active women feel beautiful and powerful.”
She added: “I teamed up with my husband Simon and took the plunge.”
SOURCE: BBC NEWS