Adanola, the athleisure brand that's become a wardrobe staple for celebrities like Kendall Jenner, Molly-Mae Hague and Maya Jama, has hit a valuation of around $530m (£398m) following the investment from a new partner.
Story3 Capital Partners has snapped up a minority share in the Manchester-born company, which was launched by Hyrum Cook back in 2015, as reported by .
The brand has also caught the eye of other high-profile figures such as Michelle Keegan, Kaia Gerber, Veneda Carter and Rosie Huntington-Whiteley, adding to its star-studded list of admirers.
The Los Angeles-headquartered private equity firm, Story3 Capital Partners, boasts an impressive roster including Coco Republic, Mammoth Brands and HD Buttercup, and has a history of supporting ventures like Lands' End, John Elliot and Ark Invest.
Adanola profit and sales on the rise
City AM disclosed in November that Adanola's pre-tax profit had leapt from £8.3m to £18.9m in the year ending 31 March, 2024.
The label's revenue also saw a significant increase, soaring from £27.8m to £57.1m over the financial year.
The brand experienced a 98% surge in total orders for the year, although this was a slowdown compared to the 308% explosion in the previous 12 months.
Units sold continued the upward trend, rocketing by 110%, building on a 248% growth from the year before.
Last year marked a change at the helm for Adanola, with founder Hyrum Cook handing over the CEO reins to Niran Chana, Gymshark's ex-chief commercial officer.
Chana commented: "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 º£½ÇÊÓƵ market and within key growth markets including the US."
Tom Copeland, corporate finance partner at PwC º£½ÇÊÓƵ, 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."
