Sweaty Betty seeks investor as demand for athleisure soars
Sweaty Betty is reported to be seeking further investment to capitalise on the soaring demand for athleisure during the COVID-19 crisis.
The British premium women's brand has hired Goldman Sachs to investigate the possibility of finding an investor in a move which could value the business at £250m, according to The Times.
Founded by Tamara Hill-Norton and her husband Simon in 1998, the business already counts US-based global investor L Catterton among its backers.
The brand was at the vanguard of the athleisure movement that was booming even before COVID-19 as consumers incorporated more wellness and exercise activities into their lives and needed a wardrobe to match.
Sweaty Betty creates activewear for a number of specialist sports disciplines from yoga to running and skiing and its clothes and accessories are designed to be worn in and out of the gym. It has become famous for its £85 "bum sculpting" leggings.
The business operates around 60 stores, with a flagship on London's Carnaby Street, and was also a pioneer of experiential retail with its stores offering fitness classes and experiences.
Its store estate would prevent the business from commanding the name multiple as a pure online brands – such as millennial fitness brand Gymshark which was recently valued at £1bn after US private equity house General Atlantic – experts say.
Sweaty Betty has declined to comment on the report.