Activewear brand Adanola has landed a significant minority investment from US-based private equity firm STORY3 Capital Partners, valuing the business at £400m.
The deal marks a major step forward in Adanola’s global ambitions, as the Manchester-founded womenswear label looks to accelerate international growth whilst sticking to its brand-first approach.
STORY3, known for backing high-growth consumer brands, will work closely with Adanola to scale the business across key markets, including the US and UK.
Founded in 2015 by Hyrum Cook, Adanola has built a cult following, with the company’s Ultimate Leggings having become a standout product – more than 1.5 million pairs have been sold to date.
Its rise has been boosted by high-profile fans including Kendall Jenner, Kaia Gerber, and Rosie Huntington-Whiteley.
The business operates primarily through a direct-to-consumer model, with a curated selection of wholesale partners including Selfridges, David Jones, Equinox, Ounass and Soho House.
The company appointed former Gymshark executive Niran Chana (pictured) as CEO in June 2024, who played a key role in scaling Gymshark during his time as chief commercial officer.
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He was brought in to drive strategy and growth as Adanola gears up for its next phase.
“Adanola’s ascent has been fuelled by staying disciplined as a women’s product-first, active lifestyle brand,” said Chana.
“Across all areas of the company, we’ve curated the partners that support the vision of the brand. We’re thrilled to announce the investment from STORY3 which values Adanola at approximately $530m (£400m).
“STORY3’s deep experience for building consumer brands will be crucial as we continue to build sustainable, profitable growth across key markets and reinforce Adanola’s position as a leader in the consumer sector.
“I’m incredibly proud of what the Adanola team has achieved to-date, and we’re poised and ready for our next chapter.”
STORY3 founder and managing partner, Peter Comisar, formerly of Goldman Sachs, added: “Adanola has garnered uniquely strong and authentic relationships with consumers, and we believe the business is in the early stages of powerful global growth.
“We are honoured to serve as a trusted partner to Hyrum and Niran given our long track record of supporting founders and entrepreneurial executive teams.”