Wetsuit Outlet Poised To Make A Bigger Splash
Mobeus Equity Partners has provided £5 million of growth capital to Wetsuit Outlet , www.wetsuitoutlet.co.uk, one of Europe’s leading online retailers of technical clothing and equipment for water sports.
A fast-growing business, it has delivered 30% revenue growth every year for the last three years. With the investment, Wetsuit Outlet plans to increase market share in Europe, expand into the US, and take its cutting-edge online platform into new verticals: equestrian and field sports.
A major exporter worldwide, Wetsuit Outlet sells into over 160 countries offering premium brands such as Musto, Gill, Billabong, Rip Curl, O’Neill, GUL and Red Paddle and delivers:
• high quality customer service;
• a best-in-class software platform;
• the top brands in the market at competitive prices; and
• an end-to-end operation with delivery from stock.
Chief Executive Officer and Co-Founder Ian Homan has put together a strong management team to lead the next phase of expansion: Chairman Peter Davies, leading fashion retailer and Chairman of Mint Velvet; Managing Director Paul Williams, ex Time Inc.; Head of Buying and Merchandising Sally Bendelow, ex Marks & Spencer and Next; and Chief Financial Officer Jeremy Kraft, highly experienced in ecommerce.
Mobeus’s portfolio already includes Tushingham Sails, which inter alia owns Red Paddle Co (the world-leading inflatable stand up paddleboarding brand), and Equip Outdoor Technologies, which owns the world-renowned Rab range of mountaineering clothing. Wetsuit Outlet represents Mobeus’s eighth growth capital investment in the last 13 months.
Bob Henry, who led the deal for Mobeus and will join the board said: “We see the opportunity to build a global business, specialising in the online retail of technical sports clothing and equipment.”
Ian Homan added “This new investment will enable us to expand, not only in our current market, but to create new brands in other niche markets. Our existing platforms and expertise put us in a very strong position to do this and with the support from Mobeus we are ready to move forward. The funding has also enabled us put together a strong management team to drive the new business plan supported by our new Chairman, Peter Davies.”