Vuori’s $400 million VC boost
US activewear brand Vuori recently received $400 million in investment from venture capital (VC) fund SoftBank Vision Fund 2, marking one of the most sizeable investments ever in a privately-owned clothing firm.
The fund valued the brand, launched in 2015 by chief executive Joe Kudla, at $4 billion.
Vuori is mainly geared towards consumers based in its home country at present. Following this most recent cash injection into the business, however, it will jump into international markets such as western Europe and Asia Pacific via a globalised omnichannel retailing strategy from 2022, onwards. The brand will also reportedly open what was described as an innovation centre in Taiwan in the short- to medium-term.
On top of this, over the coming five years Vuori intends to establish in excess of 100 brick-and-mortar retail destinations across the US. As early as next year, it aims to eliminate 80% of plastics from its supply chain.
Managing partner at SoftBank Investment Advisers, Nagraj Kashyap, commented: “With its strong consumer engagement, sustainability focus and sheer growth, we believe Vuori is a leading brand in the attractive activewear market. We are delighted to partner with the team as they introduce new products and expand globally.”
Speaking on behalf of the company he founded, Mr Kudla said that he was grateful to the brand’s new partners and emphasised how SoftBank “has a long track record of identifying market-leading companies and supporting entrepreneurs with bold visions”.
Image: Vuori via Instagram.
