NEW YORK, United States — US athleisure brand Varley has raised $5m to fuel growth via new product ranges and expansion into Asia.
The round, which featured participation from Lavendo Investments, owned by Ron Dennis, former Chairman of the McLaren Technology Group and Brightfolk A/S, part of Heartland – a holding company owned by Anders Povlsen, the largest shareholder in retail brand ASOS, will also enable the business to expand its distribution and strengthen its management team.
The brand, which started life in 2014, hopes to build on its recent growth in Europe and the US, which saw its sales rise to £8m for the year to September 2019.
“We are delighted with this investment and the faith shown in us by Ron and Anders,” commented co-founders Ben and Lara Mead.
“Their support recognises all the hard work we have put in to create a brand that supports modern women and their active lifestyles. This investment will enable us to elevate Varley to the next level and ensure we can reach a much broader customer base.”
Having carved out a niche for itself in the multi-billion dollar athleisure market thanks to a focus on building a brand with both quality and community at heart, Varley says it is now in the position to strengthen its foothold, develop its e-commerce offering further, and create new ranges such as ski and travel collections.
These it reveals, will stick to the brand’s hallmark mix of form and function to support the modern-day multi-tasking lifestyle, and sit alongside its statement snakeskin yoga pants and sports bras, for which it has become synonymous with.
Speaking about the investment, Dennis, who will join the Varley Board to support the brand’s next stage of growth, commented:
“When I discovered Varley, I realised immediately that it was a very special company driven by the same meticulous attention to detail and quality that I established at McLaren. I believe this business has the potential to be a world-leading fashion brand and I am delighted to become a chapter in that story.”