Liverpool brand, Montirex, doubles revenues and eyes European and US expansion
Montirex, the iconic Liverpool-born sportswear brand, has surpassed expectations and recorded a turnover of £76.7m, ahead of its sixth birthday this month – and it forecasts sales will almost double in the current financial year to £130m.
The brand, which began as an idea between two mates and has become one of the UK’s fastest growing apparel success stories, has seen turnover more than double in the past financial year, from £33.412m.
Pre-tax profits for 2024 came in at £20.8m, compared with £3.562m in 2023.
Founders, Daniel Yuen and Kieran Riddell-Austin, are now preparing for an ambitious expansion into Europe within three years and have their sights set on breaking into the North American market by 2030.
Successive partnership agreements with national retailers, including JD Sports and Footasylum, have been the backbone of the rapid rise of Montirex, helping to establish a loyal consumer base throughout the UK and Ireland.
These retail partnerships have seen the brand evolve from an online start-up, selling out of Kieran’s home during the Covid-19 pandemic, to opening its first physical store in September 2024.
Kieran Riddell-Austin, said: “We originally launched in response to bigger brands downgrading quality while increasing the prices of their sportswear. We were confident we could provide an affordable and stylish alternative.
“We’re hugely grateful to our loyal customers who’ve backed our vision and supported us on this incredible journey so far.
“Montirex simply wouldn’t have grown so quickly without their support – in return, we’ve committed to carefully managing each stage of growth to make sure our success is sustainable and without compromising on quality.”
He added: “It makes us really proud that each step along the way has created new jobs – going from two employees to 100+, we’ve almost doubled headcount in the last 12 months alone.
“As we’ve built our team, we’ve developed a great workplace culture while striking a fine balance between the performance and price of our products, which has proven its worth so far.”
In less than six years, Montirex has grown organically and at pace, scaling up its products from an initial line of just three T-shirts, to a diverse product range of high performance items.
Today’s full range includes running and outdoor training gear for men, women and kids, with athleisure/lifestyle wear, headwear and accessories all part of the product offer.
The brand is also making headway with its sponsored athletes programme, which earlier this year announced a partnership deal with International Boxing Federation Heavyweight World Champion, Daniel Dubois.
He joins professional mixed martial artists, Leon Edwards and Brendan Loughnane on a programme underpinned by the ethos ‘Challenge Accepted’ – a call to action for individuals to embrace challenges and push their limits.
The rapid growth of Montirex has seen the business switch headquarters no less than five times, moving from an initial unit comprising 300 sq ft to its existing 52,000 sq ft office and warehouse in Speke, Merseyside.
Daniel Yuen said: “We’ve achieved this with no investors.
“By retaining 100% of the business we’ve learned so much along the way and continue to make improvements – from growing our quality assurance team to ensuring that we’re working with sustainable yarns and ethical production standards.”
He added: “We’re rising to the challenge of not compromising on quality while meeting the expectations of our customers and navigating increasing production costs while seeking to minimise our impact on the environment.
“That’s not always easy, but the learnings we’ve already gained have only strengthened our resolve and commitment to the brand – we’re really looking forward to growing Montirex even further in the next five years and beyond.”
