The deal was one of the largest ever in the private apparel segment.
Vuori, a clothing brand specializing in the production and sale of activewear, raised $400 million in investment with a business valuation of $4 billion.
The deal was one of the largest ever in the private apparel segment, which made Vuori one of the most expensive nonpublic brands on the market. The company was founded in 2017 and was already profitable two years later, writes Retail Dive.
The funds raised will be used for international expansion in key markets in Europe and Asia-Pacific in 2022 and for an ambitious plan to expand to the U.S., where 100 stores are expected to open within five years.
"With a strong e-commerce business, thriving retail stores, and a network of best-in-class wholesale partners, Vuori, unlike many other digital brands, has been profitable since 2017," the company stressed.
Vuori also expects to launch an omnichannel business in several countries and expand its product portfolio. At the same time, the company will continue to invest in its team and infrastructure and allocate funds for a sustainability program.
Vuori also has supply contracts with major retailers such as Nordstrom and REI. The brand has become increasingly popular in recent years and has taken market share from giants like Lululemon.