Gracedbygrit acquired by Hylete
Women's active brand Gracedbygrit has been acquired by digitally native Southern California-based performance apparel brand Hylete.
"Gracedbygrit has been built on the same culture and values as Hylete, which makes it a natural fit, and as a female-driven brand provides tremendous amount of exciting opportunities," said Ron Wilson, Hylete CEO and co-founder, in a statement.
Since its launch in 2013, Gracedbygrit has generated $3.5 million in revenues and attracted a consumer community of 25,000 women. Hylete is forecast to earn $13 million in sales this year and has a community of 120,000.
Gracedbygrit co-founder Kate Nowlan said "We were looking for a partner that has a powerful vision and creates exceptional, innovative product: we found it in our own backyard."
Nowlan will join Hylete as VP for brand experience. She will focus on expanding Hylete's women's business by communicating Gracedbygrit's message of inclusivity and authenticity, which seems to have resonated thus far with its core customer.
Hylete is a digitally native brand that was founded on the core belief that premium performance apparel, footwear, and gear should be affordable to a wider community. The company also supports a number of charitable and community-focused causes.
Gracedbygrit founded a non-profit called Grittygirls, which Hylete will also acquire. Grittygirls focuses on empowering girls and women from ages 10 through 21 through seminars, school assemblies and workshops.
"One of the most powerful drivers that made this deal so appealing was... Grittygirls. We envision the message of this foundation to be the golden thread that ties together the true spirit of what we want our female line to embody," added Wilson.
Financial terms of the acquisition were not immediately disclosed.
Copyright © 2022 FashionNetwork.com All rights reserved.