A women’s gymwear brand is on track for growth after attracting “significant investment” from Gymshark co-founder Lewis Morgan.
AYBL Group – which is made up of AYBL and women’s fashion brand Because of Alice (BOA) – is ready to accelerate its expansion plans after winning the backing of Mr Morgan, who pocketed £100 million when he exited Solihull-based Gymshark in August 2020.
As part of the deal, Mr Morgan will take up the role of executive chairman at the £50 million group, with aims to grow the business into the biggest e-commerce group in the UK. He will oversee company strategy and work closely with AYBL Group founders Reiss and Kristian Edgerton, who will take the position of joint CEOs.
The partnership comes after AYBL achieved record profits of £2.8 million in 2020/21 just three years after the launch of the fitness brand.
Now the group is set to continue its growth as it projects revenues of more than £20 million and profits of £4 million for 2021/22.
Reiss Edgerton said: “I’ve known Lewis for over 20 years, so we’re in the fortunate position to already have the foundations of a relationship based on trust – something that was essential when considering teaming up with an investor.
“AYBL has gone from strength-to-strength since we started it three years ago. Having recently added BOA to the group and expanded our HQ to meet growing demand, it feels like the perfect time to introduce Lewis’ wealth of expertise to the business, in what is sure to be an exciting new chapter.
“I can’t wait to see what the future holds, as we continue to build the business as a major fast-growth player in the fashion, fitness and lifestyle arenas – we have huge aspirations and hope to one day become the biggest e-commerce group in the UK.”
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Lewis Morgan – who first met Reiss and Kristian at school – added: “I’ve had a passion for the athleisure industry ever since I co-founded Gymshark in 2012. After selling my remaining stake in Gymshark last year, I’ve been eager to step back into the industry, so I’m excited to have the opportunity to play a part in the continued growth of the AYBL Group.
“As a business, we understand the value of people and talent, so are actively looking to bring more brands into group, preferably founder-led, where we can add value through our expertise.”
The Edgerton brothers founded AYBL in 2018 from the living room of their Bromsgrove home.
Today the company ships in excess 400,000 orders to more than 160 countries each year – including the USA, UK, Germany, Ireland, Netherlands and France.
In 2020, the brothers teamed up with fashion influencer, Alice Cross, in June 2020 to form BOA.