Gyrmshark director buys control of Hera London, has £100m brand ambitions
It looks like we could be hearing a lot more from streetwear brand Hera London in the near future with Gymshark director and former Chairman Paul Richardson having bought a controlling stake in the streetwear firm. He’s also becoming its new Executive Chairman.
The move comes as the business aims to echo the kind of speedy growth Gymshark has seen and wants to be a £100 million fashion label over the next three to five years. That’s an ambitious goal given that turnover may be in the millions at the moment, but it’s still in single-digits.
Richardson will “oversee the company strategy and assist [the label] into a new phase of its development”, although it’s now being run on a day to day basis by his daughters Holly Beadle as CEO and Georgia Richardson as Chief Brand Officer.
The six year-old brand that was originally known for its skinny jeans, oversized sweatshirts and loungewear — plus its celebrity following — will continue to operate from its UK HQ in Cheltenham and has taken on extra expertise to help it expand.
It has engaged The Growth Foundation, an e-commerce growth consultancy, “to help the brand scale-up and achieve these goals”, as well as Fostr a premier Shopify Plus Agency based in the UK.
The big question is whether the family trio now at the helm will be able to pull off its growth targets. But Richardson does have a good track record. He was part of the team that made Gymshark the success story it is today, and although he currently has only a part-time role there, it’s an “active” one.
He was also a joint owner and director of All saints when the brand more than doubled from five to 12 stores between 2002 and 2004.
Speaking of his new investment, Richardson said he “looks 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.”
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