Private equity firm True has acquired a majority stake in kids’ clothing brand Frugi.
Corwall-based Frugi was founded as Cut4Cloth in 2004 by Kurt and Lucy Jewson. It has appointed former executive board director of Superdry Hugo Adams as its chief executive as part of the deal.
True will work with the existing management to “support Frugi’s ongoing scalable growth”.
Lucy Jewson said: “Frugi is built on strong ethical values, so it was important to find an investor that respects this, but also has the experience to help support our future growth, particularly digitally. Paul and the True team – as entrepreneurs themselves – quickly grasped the opportunities and challenges we face as a rapidly growing business.
”They’re going to protect and enhance Frugi’s innovative and ethical ethos, while helping us reach more like-minded customers around the world.”
Paul Cocker, True’s co-founder, said: “Lucy and Frugi’s approach to product integrity, ethics, brand loyalty and digital fulfilment reflects what modern shoppers want. Frugi has great potential, allowing us to attract someone of Hugo’s calibre to lead the next phase of growth, alongside Lucy and the team.”