Investment will drive growth, Passenger hopes
Outdoor brand Passenger has agreed two partnerships that it hopes will help it continue to drive growth. The UK-based company has joined forces with investment firm Growth Partner and with Steve Hewitt, the former chief executive of fitness brand Gymshark.
Growth Partner has invested £15 million to acquire a minority stake in Passenger clothing. Steve Hewitt is investing too and has become chairman of Passenger.
Founded by Richard and Alexa Sutcliffe in 2012 and based in the New Forest in the south of England, Passenger describes itself as a responsible clothing brand. It has achieved triple-digit growth year on year since 2019, while increasing its investment in environmental, social and governance (ESG) initiatives. It is on track to achieve £50 million in sales this year.
More than 90% of its products are made from responsibly sourced materials including recycled cotton, recycled polyester, hemp and organic cotton. For every order that the brand takes, it plants a tree and to date, it has planted more than 500,000 native trees and has helped protect 28,000,000 square-metres of rainforest through its charity partners, The Rainforest Trust and Trees For The Future.
