Paul Richardson, All-saints joint owner and Gymshark director, has purchased majority shares of Hera London and joins the board as Executive Chairman.
This comes as no surprise after in February of this year owner Ash White tried to sell 10% of his equity which we stated at the time was likely down to the brand struggling financially with stock due to be paid for.
The streetwear brand is in good hands though, as Richardson has aims to grow the label into a £100m brand within the next 5 years and was instrumental in helping Gymshark grow into the athleisure powerhouse it is today.
Hera launched in 2015 with 3 designs of skinny jeans for men. Ash White turned down multi-million-pound offer from Superdry for shares in the business a few years back, and in 2019 it had a £5m turnover, so hopefully, he finally got his big payout.
New owner Richardson said: “I’m thrilled to have acquired HERA London and look forward to working with the new team to help develop the company into a leading streetwear brand in this competitive sector. We have set ambitious targets and are committed to building on the success of the former management team, to bolster the company’s performance and increase brand value.”
The move comes after changes within Gymshark this year, co-founder Ben Francis became CEO again, with Lewis Morgan previously leaving to focus on his other brand Maniere de Voir.
Robinson is credited with Gymsharks great success over the last few years including overseeing selling 21% of the business for $300m to General Atlantic after an overall business valuation of more than $1bn.