UK sportswear retailer WIT Fitness is preparing to open its first permanent international store in New York, following investment.
The London-based retailer currently has one store in the capital. It launched pop-up stores in partnership with Nike in Paris and Miami following the £2m investment from growth capital investor VGC Partners in March.
With a third of all sales now coming from the US via its pop-ups and ecommerce site, the retailer plans to open a permanent store in New York by the end of this year.
Founded by former amateur athlete Dan Williams and sports retail expert Sam Kitching in London in 2015, WIT Fitness operates online retail platforms in the UK and US. It sells branded footwear and apparel, including Nike, Reebok, Adidas, Under Armour and NoBull.
Its “WIT Training Hub” opened last year, offering a combined gym and retail flagship store.
Williams said: “Having witnessed the potential of our model in overseas markets, the next obvious step for us is to make the vision a reality. Whilst we don’t heavily rely on bricks-and-mortar stores – with 80% of our revenues coming via our ecommerce platform – we still want to bring exciting, engaging and exclusive content to the consumer.
“Our goal now is to establish a permanent presence in each of the major cities, starting with New York.”
WIT Fitness has reported 100% year-on-year revenue growth since it was founded and is on track to achieve revenues of £6m this financial year.
The retailer predicts to achieve revenues of £12.5m in 2020, with a target of £28m in 2021 “following a multi-site roll out”.