Manhattan and California are next on the agenda for further US expansion outlined by Sweaty Betty, the British fitness brand that a number of celebrities wear to work out.
Sales jumped 27 per cent to £31.4m in the 53 weeks to 28 December 2014 while the results also showed UK revenue climbed to £27.9m from £23m the previous year. Sweaty Betty, founded by Tamara Hill-Norton, opened its first shop in Notting Hill in London in 1998, and has grown to 42 UK stores. Fans include the actresses Reese Witherspoon and Jessica Alba.
Ms Hill-Norton said last year that she expected to increase to 60 UK stores, but the big focus now is on US growth.
It already has five shops on the East Coast and its next store will be on Abbot Kinney Boulevard in Venice, near Los Angeles. A Manhattan store is also in the planning stages.
Sweaty Betty’s pre-tax loss widened to £494,240 in 2014 from £10,411. Employee numbers increased by 71 to 389.
The strategic report filed at Companies House said the addition of Catterton Partners as a shareholder “will provide the required exposure to assist the directors in building the US business”.
However the report added: “Key risks to the business are increased competition and the challenge of international growth.”
Its products are positioned in the popular and growing “athleisure” sector – a mix of sportswear and casual wear.
