Gymshark director and former chair Paul Richardson has snapped up a majority stake in streetwear brand Hera London.
Richardson, who has also been appointed as executive chair of Hera, will oversee the company’s strategy as it sets its sight on becoming a 100 million pound label over the next three to five years.
Hera said it is also working with The Growth Foundation, an e-commerce growth consultancy, to help the brand scale-up and achieve its growth goals, as well as Fostr, a premier Shopify Plus Agency based in the UK.
“I’m thrilled to have acquired Hera London and look forward to working with the new team to help develop the company into a leading streetwear brand in this competitive sector,” Richardson said.
“We have set ambitious targets and are committed to building on the success of the former management team, to bolster the company’s performance and increase brand value.”
Richardson currently works at Gymshark on a part-time basis, and was also formerly a joint owner and director of Allsaints.
Launched in 2015, Hera is known for its skinny jeans, oversized sweatshirts and loungewear, and has attracted celebrity support from the likes of Hailey Beiber, Brooklyn Beckham and Sofia Richie.
In 2019, the company achieved a turnover of over 5 million pounds.
Following the acquisition, Hera will continue to operate from its headquarters in Cheltenham.