Adanola valued at £400m as Kendall Jenner favourite sells stake
Adanola, the athleisure brand worn by the likes of Kendall Jenner, Molly-Mae Hague and Maya Jama, has been valued at around $530m (£398m) after securing a new backer.
Story3 Capital Partners has acquired a minority stake in the Manchester-based label which was founded by Hyrum Cook in 2015.
Other well-known personalities who are fans of Adanola include Michelle Keegan, Kaia Gerber, Veneda Carter and Rosie Huntington-Whiteley.
The Los Angeles based private equity firm’s portfolio currently includes the likes of Coco Republic, Mammoth Brands and HD Buttercup.
It has previously backed companies including Lands’ End, John Elliot and Ark Invest.
Adanola profit and sales on the rise
In November, City PM reported that Adanola’s pre-tax profit had surged from £8.3m to £18.9m in the year to 31 March, 2024.
The brand’s turnover also jumped from £27.8m to £57.1m in the financial year.
Total orders jumped by 98 per cent in the year, compared to a 308 per cent rise in the prior 12 months.
Units sold also surged by 110 per cent, having also grown by 248 per cent in the prior year.
Last year founder Hyrum Cook stepped back as chief executive and was succeeded by Niran Chana, the former chief commercial officer of Gymshark.
Chana said: “Adanola’s ascent has been fuelled by staying disciplined as a women’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 $530m.
“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.
“I’m incredibly proud of what the Adanola team has achieved to-date, and we’re poised and ready for our next chapter.”
Fashion brand in ‘early stages of powerful global growth’
Adanola’s wholesale network includes the Selfridges Group, David Jones, Ounass, Equinox and Soho House.
Peter Comisar, founder and managing partner of Story3, added: “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.”
Story3 partner Samir Shah said: “With decades of experience around the consumer landscape, Story3 believes in the convergence of consumer brands, digital media, and technology to succeed in today’s disrupted world and supports its investments to excel in each of those facets to create enduring value.
“We see extraordinary opportunities to support the Adanola team as it leverages its loyal customer base and revered products to continue to expand in its home UK market and within key growth markets including the US.”
Tom Copeland, corporate finance partner at PwC UK, said: “It has been a real privilege to support Hyrum, Niran and the Adanola team on reaching this significant milestone.
“It is clear that Adanola has a highly differentiated proposition playing at the intersection of fitness and fashion with an elevated everyday range and accessible price point
” I am sure that the addition of Story3 with their US consumer experience will strategically support the team with their global growth aspirations.”