NEW YORK, United States — British athletic fashion brand Sweaty Betty has named Erika Serow as President and CEO of the U.S. business, ahead of major expansion plans.
The appointment will see Serow lead an effort to improve Sweaty Betty’s U.S. business results by growing and enhancing brands, improving customer targeting, aligning merchandising and marketing efforts across stores and in digital, and supporting expansion and new partnerships.
Speaking publicly about Serow’s appointment, Simon Hill-Norton, Chief Executive Officer and co-founder of Sweaty Betty said:
“Erika is a highly respected industry executive with a unique ability to take brands to the next level, all while delivering product that resonates with consumers. Erika’s skills and expertise will be invaluable to Sweaty Betty at this exciting time for our company.”
The activewear brand, who already has five stores and two concessions in Bloomingdales in the U.S., generated an annual revenue of approximately £31 million in 2014, with gross profits of around £13 million.
These figures caught the attention of U.S. based private equity firm Catterton, who provided a strategic growth investment to the British-born brand last February, in order to support its growth and expansion in key markets including America.
Although the terms of the investment were not disclosed, Hill-Norton did comment on the decision to partner with the firm:
“Catterton has an unparalleled record of helping other retail and consumer companies, including health and wellness brands, to reach their goals. Catterton understands the consumer industry and importantly to us, they also share Sweaty Betty’s belief that fitness, fashion and lifestyle go hand-in-hand. Catterton’s investment and partnership with the Sweaty Betty team marks an exciting new milestone in our growth and development.”
With plans for the U.S. expansion to begin primarily in Montana and New York City’s Upper East Side, Serow’s experience in the retail sector, most recently as head of the Americas Retail Practice at Bain & Company, is likely to shape the future of the brand.
Eager to deliver Sweaty Betty’s high-quality, fashion-forward designs to the millions of women across the U.S., and speaking about her new role, Serow said:
“I am enthusiastic and energized about the opportunities ahead and look forward to working with Sweaty Betty’s talented management team and employees to take the Company to new heights.”
Elsewhere in the company, Sweaty Betty continues to bring in senior level reinforcements, with the appointment of Andrew Merriman, former CFO at Thomas Pink.
Merriman, who has been hired as the brand’s new Chief Financial Officer, will work from Sweaty Betty’s head office in London from early 2016, in what’s shaping up to be a big year for the brand.