True Capital has acquired a majority stake in Frugi, the Cornish children’s clothing business. The business originally launched as Cut4Cloth in 2004, rebranding as Frugi in 2008 and has focused wholly on organic cotton and other sustainable materials. Co-founder Lucy Jewson will continue with the business as its brand ambassador and both she and Kurt Jewson remain shareholders in the £13 million turnover business which makes 40 per cent of its sales overseas.
Paul Cocker, co-founder at True said “We invest in businesses, teams and people who forge retail and consumer change. True’s very first investment was pure-play childrenswear eCommerce business Alex&Alexa, and we’re excited to continue to invest in a sector in which we have already achieved significant success. Lucy and Frugi’s approach to product integrity, ethics, brand loyalty and digital fulfilment reflects what modern shoppers want.”
Hugo Adams has been appointed as CEO and brings extensive experience to his new role having most recently worked at Superdry.
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