Internet and telecommunications group SoftBank’s Vision Fund 2 paid $400m for a 10% stake in US-headquartered activewear brand Vuori yesterday.
Founded in 2015, Vuori produces clothing tailored for exercise and outdoor activity and its designs are based on a US West Coast aesthetic.
The SoftBank investment will fund a domestic expansion drive expected to result in more than 100 retail stores being opened in the next five years, in addition to an international expansion that will involve Vuori entering the Western Europe and Asia Pacific regions.
The deal marks the second time the company has raised external funding, the first being a $45m investment by venture capital firm Norwest Venture Partners in August 2019.
Vuori founder and CEO Joe Kudla said: “SoftBank has a long track record of identifying market-leading companies and supporting entrepreneurs with bold visions. We are grateful to have their partnership as we move into an exciting new period of growth and evolution as a company.”
Nagraj Kashyap, managing partner at SoftBank Investment Advisers, which oversees Vision Fund 2, added: “With its strong consumer engagement, sustainability focus, and sheer growth, we believe Vuori is a leading brand in the attractive activewear market.
“We are delighted to partner with Joe and the Vuori team as they introduce new products to consumers and expand globally.”
