Women’s gymwear brand valued at £50m following investment from Gymshark founder
Women’s gymwear brand AYBL is set to accelerate its ambitious expansion plans following a significant investment from Gymshark founder Lewis Morgan.
The AYBL Group, valued at £50m, brings together AYBL and women’s fashion brand Because of Alice (BOA).
Morgan will take the role of executive chairman at the group, with aims to grow the business into the biggest e-commerce group in the UK.
In his new position, Morgan will oversee company strategy and work closely with the Edgerton brothers, who will take the position of joint CEOs.
The partnership follows AYBL announcing record profits of £2.8m in the pandemic year of 2020-21 – just three years after the launch of the fitness brand.
The group is set to continue its growth to meet growing demand for affordable quality, as it projects revenues of more than £20m and profits of £4m in the year of 2021-22.
AYBL was founded in 2018 by brothers Reiss and Kristian Edgerton from the living room of their Bromsgrove home.
It now ships over 400,000 orders to more than 160 countries each year, establishing a particularly strong presence in the USA, UK, Germany, Ireland, Netherlands and France.
The brothers teamed up with fashion influencer, Alice Cross, in June 2020 to form Because of Alice.
The Edgerton brothers and Lewis Morgan first met at school, where they developed a longstanding friendship.
Reiss Edgerton said: “I’ve known Lewis for over 20 years, so we’re in the fortunate position to already have the foundations of a relationship based on trust – something that was essential when considering teaming up with an investor.
“AYBL has gone from strength-to-strength since we started it three years ago. Having recently added BOA to the group and expanded our HQ to meet growing demand, it feels like the perfect time to introduce Lewis’ wealth of expertise to the business, in what is sure to be an exciting new chapter.
“I can’t wait to see what the future holds, as we continue to build the business as a major fast-growth player in the fashion, fitness and lifestyle arenas – we have huge aspirations and hope to one day become the biggest e-commerce group in the UK.”
Morgan added: “I’ve had a passion for the athleisure industry ever since I co-founded Gymshark in 2012. After selling my remaining stake in Gymshark last year, I’ve been eager to step back into the industry, so I’m excited to have the opportunity to play a part in the continued growth of the AYBL Group.
“As a business, we understand the value of people and talent, so are actively looking to bring more brands into group, preferably founder-led, where we can add value through our expertise.”
