Vuori keeps adding to its coffers.
On Wednesday, the Southern California-based activewear brand revealed that it has received a $400 million investment from SoftBank Vision Fund 2, bringing it to a valuation of $4 billion.
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“SoftBank has a long track record of identifying market-leading companies and supporting entrepreneurs with bold visions,” said Joe Kudla, Vuori’s chief executive officer who founded the brand in 2015. “We are grateful to have their partnership as we move into an exciting new period of growth and evolution as a company.”
Kudla said the company will use the funds to expand its product offering, make further investments in its infrastructure and staff and expand its sustainability efforts. Currently, and through partnerships with organizations such as Climate Neutral and CleanHub, Vuori is offsetting its carbon and plastic footprints while taking steps to eliminate 80 percent of plastics from its shipping and supply chain by 2022. In addition, it will seek to expand internationally beginning next year with plans to move into Western Europe and Asia Pacific. It will also open an innovation center in Taiwan.
Vuori expects to continue to add to its retail footprint in the U.S., with more than 100 store openings slated for the next five years. The brand, which has been profitable since 2017, operates 10 stores in the U.S. and is also carried at Nordstrom and REI.
“With its strong consumer engagement, sustainability focus and sheer growth, we believe Vuori is a leading brand in the attractive activewear market,” said Nagraj Kashyap, managing partner at SoftBank Investment Advisers. “We are delighted to partner with Joe and the Vuori team as they introduce new products to consumers and expand globally.”
SoftBank Vision Fund 2 is the second institutional investor to back Vuori, following Norwest Venture Partners, which invested in the company in 2019.