A majority stake in a Gloucestershire-based clothing brand has been acquired by a director with the gym wear firm Gymshark.
Online retailer Hera London, despite its name, is headquartered in Cheltenham and was founded by local entrepreneur Ash White in 2015.
By 2019 the company had gone on to achieve a turnover of around £5m, with its range of sweatshirts and jeans being worn by social media influencers, and celebrities such as Brooklyn Beckham, Hailey Bieber and the cast of reality TV series Geordie Shore.
Paul Richardson, who is the former chairman of Gymshark and its current executive director, has now purchased Mr White’s share in the business for an undisclosed sum.
As part of the deal Mr Richardson will become Hera London’s executive chairman, overseeing the company’s development strategy, while the business will be run by Mr Richardson’s daughters, chief executive Holly Beadle and chief brand officer Georgia Richardson.
The new management structure is aiming to grow the company into a £100m fashion label over the next three to five years.
Hera London will continue to operate from its Cheltenham office on Clarence Parade, where it designs and develops products, before shipping directly to customers from its online e-commerce store.
Mr Richardson said: “I’m thrilled to have acquired HERA London and look forward to working with the new team to help develop the company into a leading streetwear brand in this competitive sector.
“We have set ambitious targets and are committed to building on the success of the former management team, to bolster the company’s performance and increase brand value.”
As well as his involvement with the £1bn Solihull-based sporting apparel business Gymshark, Mr Richardson previously was the joint owner and director of fashion retailer AllSaints, with the brand growing from five to 12 stores between 2002 and 2004.
Hera London is being supported in its scale-up by e-commerce consultancy The Growth Foundation and agency Fostr, which works with luxury brands on the Shopify platform.
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