Activewear etailer The Sports Edit has secured a £1m round of investment, with new backers including former Sainsbury’s CEO Justin King, Lyle & Scott owner Sue Watson and Tristan Capital Partners founder Ric Lewis.
All existing investors also participated in the round.
The website, which stocks brands such as Varley, Alo Yoga, Adidas, Lucas Hugh and PE Nation, said it intends to use the additional capital to fund the expansion of its ecommerce business and the launch of a new flagship store this October.
The store will be located in the new retail location, Coal Drops Yard in King’s Cross.
This is The Sports Edit’s second successful investment round since launching in August 2015.
The Sports Edit founder Nick Paulson-Ellis said: “I’m delighted that we have not only raised important growth capital to invest in developing our multi-channel strategy, but also brought in three investors with incredible experience to help us accelerate from the circa 160% growth in ecommerce sales we saw in 2017, as well as launch a new flagship store.”
He added: “Our new investors see a substantial opportunity to create a European market leader in premium activewear”.