A fast-growing fashion label based in Manchester has attracted a major investment from a US private equity firm, valuing the business at £400m ($530m).
Adanola, known for its cult following in the women’s athleisure space, has secured a “significant minority investment” from Los Angeles-based STORY3 Capital Partners. The private equity firm, which also backs Saks and HD Buttercup, specialises in scaling high-growth consumer brands.
Founded in 2015 by Hyrum Cook and headquartered in Manchester’s NOMA district, Adanola has become one of the UK’s breakout fashion success stories, buoyed by the popularity of its Ultimate Leggings – with more than 1.5 million pairs sold. The product has won high-profile fans in Kendall Jenner, Kaia Gerber, Veneda Carter, and Rosie Huntington-Whiteley.
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The brand’s popularity surged during the pandemic, when home workouts drove demand for comfortable, high-quality activewear. In the year to March 2024, Adanola reported pre-tax profits of £19m on turnover of £57.1m. The company employs 76 people, with distribution fully outsourced.
In June 2024, Adanola appointed former Gymshark Chief Commercial Officer Niran Chana as CEO. Chana, who joined Gymshark in 2015 and helped steer its international growth, is now leading Adanola’s strategic expansion.
He said: “Adanola’s ascent has been fuelled by staying disciplined as a women’s product-first, active lifestyle brand. 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 $530 million. 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.”
Peter Comisar, Founder and Managing Partner of STORY3 and former Goldman Sachs Partner, said: “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.”
Adanola’s direct-to-consumer model is complemented by a growing wholesale presence, with stockists including Selfridges, David Jones, Soho House, Equinox, and Middle Eastern e-commerce platform Ounass.
