Women’s sportswear brand Sweaty Betty is looking for a new investor after recording impressive sales numbers since the lockdown. The upscale UK brand has approached Goldman Sachs to search out potential private equity interest in a deal that could value the business at about £250 million, according to The Times newspaper.
The business, which is backed by private equity firm L Catterton, operates more than 60 stores in the UK, US, Canada, and Hong Kong and has been thriving lately, despite the pandemic-linked enforced closure of its stores for part of this year. The move comes after demand for its sportswear range took off as consumers looked to add athleisure items to their wardrobes when working from home became necessary during the lockdown.
The latest figures are yet to be published, but 2018 numbers were already strong with Sweaty Betty sales growing 17% to £63 million as pre-tax losses narrowed to £4.2 million. Yet the fact that it still relies heavily on physical shops could be seen as a negative by some potential bidders.
There have been rumors for several months that a sale was on the cards but both Sweaty Betty and Goldman Sachs have declined to comment so far.