The founder of Cheltenham-based streetwear label HERA London has sold his majority stake in the company to the director of Gymshark.
Ash White set up HERA London in 2015 and thanks to the influence of celebrities like Brooklyn Beckham and Hailey Bieber wearing his designs, was turning over in excess of £5m by 2019.
Paul Richardson, who works part-time as director of the fitness apparel and accessories brand Gymshark, now plans to grow his business acquisition to £100m within five years.
While Mr Richardson will concentrate on company strategy as the new executive chairman, he will also be bringing his daughters Holly Beadle and Georgia Richardson on board as CEO and chief brand officer, respectively.
As well as helping Gymshark become the business it is today, Mr Richardson was formerly a joint owner and director of All Saints.
‘I’m thrilled to have acquired HERA London and look forward to working with the new team to help develop the company into a leading streetwear brand in this competitive sector.
‘We have set ambitious targets and are committed to building on the success of the former management team, to bolster the company’s performance and increase brand value,’ he said.
HERA London will continue to operate from its HQ on Clarence Parade in Cheltenham.