Vuori raises $400 million ahead of international expansion
Southern Californian activewear brand Vuori announced on Wednesday that it has received a $400 million investment from SoftBank Vision Fund 2, bringing the company’s total valuation up to $4 billion as it prepares for global expansion.
Founded in 2015, Vuori has made a name for itself with its premium active apparel offering and has gained a loyal customer base in the United States. Next year, the company plans to kickstart its international expansion with the launch of an omnichannel business in key markets in Western Europe and Asia Pacific, as well as the opening of an innovation center in Taiwan.
On the brand’s American home market, where, alongside its e-commerce site, it currently operates 10 brick-and-mortar retail locations, Vuori is planning to open more than 100 new stores over the next five years.
In addition to this expansion strategy, Vuori said that it intends to continue growing its product offering, making key investments in infrastructure and people, and developing its sustainability efforts. The brand is currently working to offset its carbon and plastic footprints and eliminate 80% of plastics from its shipping and supply chain by 2022, in collaboration with organizations including Climate Neutral and CleanHub.
“With its strong consumer engagement, sustainability focus, and sheer growth, we believe Vuori is a leading brand in the attractive activewear market,” explained Nagraj Kashyap, managing partner at SoftBank Investment Advisers, in a release.
“SoftBank has a long track record of identifying market-leading companies and supporting entrepreneurs with bold visions,” added Vuori founder and CEO Joe Kudla. “We are grateful to have their partnership as we move into an exciting new period of growth and evolution as a company.”
SoftBank is the second major investor to put its faith in Vuori, following a first injection of funding from Norwest Venture Partners in 2019.
Copyright © 2021 FashionNetwork.com All rights reserved.