Investment firm True has made a significant investment in hush, the online business which started out in 2003 with a range of sleep and loungewear.
Now with annual sales north of £50 million, hush has extended its range into other clothing categories and, in addition to selling online, it also has concessions in John Lewis stores. The investment has been made on the back of a strong existing relationship that will allow True to work closely with hush founder Mandy, her husband Rupert, and the hush management team to help the brand scale and support its expansion into new channels and markets.
Matt Trueman, CEO, True said: “At True, we invest in businesses that are at the forefront of the consumer behavioural shift. We have spent several years building a brilliant relationship with the hush team and we are delighted to be partnering with them for this next stage of growth. The business is ideally positioned to grow its share of both the UK and international clothing markets due to its agile, digital-first business model, loyal customer base and relevant contemporary product range. We think highly profitable, predominantly direct to consumer brands such as hush and other businesses in our portfolio are the ones that will emerge in bet shape from this current crisis – and completing the transaction now demonstrates that we’re very much open for business and excited about the opportunity ahead of us.”
In a statement, Rupert Youngman and Mandy Watkins of Hush said; “We’re delighted to be partnering with True. We’ve known Matt and the team at True for a number of years, and we’re confident they share the passion we have for our customers, our team and our brand. We’re also excited to build a relationship with an investor who’s in a unique position to help us strengthen all aspects of our business – and we look forward to delivering on the huge opportunity that remains ahead of us.”
Hush joins other businesses within True’s private equity portfolio – Frugi, The Cotswold Company, Zwift, Ribble Cycles and Soulfresh.
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