Adanola secures investment from American PE firm

Womenswear brand Adanola has announced it has received minority investment from LA-based private equity firm Story3 Capital Partners, which values the business at $530m (£369.4m).

The brand believes this partnership will help its international expansion, enabling it to strengthen its position in the activewear market.

Adanola’s DTC model is complemented by a highly curated wholesale network, including the Selfridges Group, David Jones, Ounass, Equinox, and Soho House.

In June 2024, Adanola appointed Niran Chana as CEO. Previously, Chana served as chief commercial officer at Gymshark where he played a key role in scaling the business, having joined in 2015.

Chana said: “Adanola’s ascent has been fuelled by staying disciplined as a women’s product-first, active lifestyle brand. Across all areas of the company, we’ve curated the partners that support the vision of the brand. We’re thrilled to announce the investment from Story3 which values Adanola at approximately $530m.

“Story3’s deep experience for building consumer brands will be crucial as we continue to build sustainable, profitable growth across key markets and reinforce Adanola’s position as a leader in the consumer sector. I’m incredibly proud of what the Adanola team has achieved to-date, and we’re poised and ready for our next chapter.”

Peter Comisar, founder and managing partner of Story3 and former Goldman Sachs partner, added: “Adanola has garnered uniquely strong and authentic relationships with consumers, and we believe the business is in the early stages of powerful global growth. We are honoured to serve as a trusted partner to Hyrum and Niran given our long track record of supporting founders and entrepreneurial executive teams.”

Founded in 2015 by Hyrum Cook, Adanola creates activewear for women and has high-profile supporters including Kendall Jenner, Kaia Gerber, Veneda Carter and Rosie Huntington-Whiteley.