// Wolverine Worldwide buys Sweaty Betty from investor L Catterton for almost £300m
// Sweaty Betty had drafted in Goldman Sachs late last year to explore a sale after enjoying a boost from the pandemic
// Sweaty Betty was founded in Notting Hill, London, in 1998
Sweaty Betty now has a new owner after it was sold off to a US-based firm for almost £300 million.
Wolverine Worldwide bought the British athleisure brand and retailer from investor L Catterton, which first invested in the business in 2015.
Sweaty Betty was founded in Notting Hill, London, in 1998 by Tamara Hill-Norton and her husband, Simon, and now has shops across the UK and Asia, plus concessions in around 100 Nordstrom department stores in North America.
Sweaty Betty recorded sales of £79.9 million in the year to December 2019, which marked an increase on the £63.1 million recorded in the previous year.
Meanwhile, full-year losses narrowed from £3.8 million down to £1.1 million.
The retailer’s sales process began late last year when it appointed advisors from Goldman Sachs to consider its options.
The Covid-19 pandemic – especially the lockdowns – led to a rise in “athleisurewear”, which is what reportedly prompted Sweaty Betty to explore a sale.
Chief executive Julia Straus will continue to lead the business after Wolverine Worldwide takes over.
“Sweaty Betty has seen incredible growth over the past few years, and we are excited to further accelerate this growth as part of the Wolverine Worldwide family,” she said.