Adanola receives new investment to accelerate growth
Manchester-based activewear brand Adanola has announced a "significant minority investment" from Los Angeles-based private equity firm STORY3 Capital Partners, which values Adanola at approximately $530 million (£398.7 million).
The strategic partnership marks an important milestone in the brand's continued global expansion, with its direct-to-consumer model complemented by a wholesale network including the Selfridges Group, David Jones, Ounass, Equinox and Soho House.
The investment follows the June 2024 appointment of former Gymshark Chief Commercial Officer, Niran Chana, as CEO of Adanola. Chana played a key role in scaling the Gymshark business.
He said: "Adanola’s ascent has been fuelled by staying disciplined as a woman’s product-first active lifestyle brand. Across all areas of the company, we’ve curated the partners that support the vision of the brand.
"We’re thrilled to announce the investment from STORY3 which values Adanola at approximately $530 million. STORY3’s deep experience for building consumer brands will be crucial as we continue to build sustainable, profitable growth across key markets and reinforce Adanola’s position as a leader in the consumer sector."
Adanola was founded by Hyrum Cook in 2015 and its success has been driven by "cult favourite" products such as the ‘Ultimate Leggings’, with over 1.5 million pairs sold. The brand also has high profile fans including Kendall Jenner, Kaia Gerber, Veneda Carter and Rosie Huntington-Whiteley.
Peter Comisar, founder and managing partner of STORY3, and former Golden Sachs partner, said: "Adanola has garnered uniquely strong and authentic relationships with consumers, and we believe the business is in the early stages of powerful global growth.
"We are honoured to serve as a trusted partner to Hyrum and Niran given our long track record of supporting founders and entrepreneurial executive teams."
Looking ahead, Adanola will continue to prioritise digital channels while growing its retail presence, with long-term plans for own-brand stores.
