True acquires majority stake in Frugi
True will be working with Frugi’s existing management team to support growth. In addition, Hugo Adams, a former executive board director of Superdry and chief of staff at Marks and Spencer, has joined the company as chief executive.
Founded by Lucy and Kurt Jewson, Frugi designs, manufactures and sells sustainably-sourced organic cotton apparel and accessories for babies, children and new mothers through its welovefrugi.com website. Its products are also sold through retail partners John Lewis, Zalando, Next and some independent stores.
The brand only uses only organic cotton or recycled plastic bottles to make its clothes. For example, it recycles 36 plastic bottles to make one of its winter jackets. It also gives 1% of its annual revenue to good causes.
Adams said: “Lucy and her team have created something very special with Frugi. For many people, product provenance and corporate ethics are increasingly important; Frugi is part of that awakening, so it’s an exciting time to join. The potential for further growth – here in the UK and beyond – is significant.”
True said its Live Network, including its Startup Innovator and industry partner programmes, will help Frugi identify next-generation marketing solutions, products and emerging technologies to accelerate international growth.
Paul Cocker, True’s co-founder, said: “True’s very first investment was pureplay childrenswear ecommerce business, Alex&Alexa, and we are excited to continue to invest in a sector in which we have already achieved significant success. Frugi has great potential, allowing us to attract someone of Hugo’s calibre to lead the next phase of growth.”
Other digital-focused businesses within True’s private equity portfolio include Ribble Cycles and The Cotswold Company.
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