Represent secures investment from True to ‘accelerate global growth’
Luxury British streetwear brand Represent has acquired backing from investment and innovation firm True for an undisclosed minority stake.
The deal will accelerate Represent’s growth and global expansion, particularly its luxury and performance sportswear presence in the US market, where it opened its first-ever standalone store in West Hollywood, Los Angeles, in March.
Since its inception, Represent has experienced rapid growth, with a compound annual growth rate (CAGR) of 64% since 2020, delivering double-digit profit margins.
With strong product offerings in both luxury and performance sportswear, with its 247 by Represent line that has “exceeded expectations” since its launch in 2021, the brand is well positioned to continue its trajectory and expects to generate circa £100 million in revenue by the end of this fiscal year.
Founded by brothers George and Michael Heaton in 2011 and led by CEO Paul Spencer, Represent has quickly scaled, serving over 350,000 of its online community in 2023 and securing a growing desirable portfolio of wholesale partners, including Selfridges, Harrods, Harvey Nichols and Flannels.
Last month saw Represent open its first UK store, a 5,419 sq ft flagship at 21 New Cathedral Street in Manchester, with a dedicated 247 floor, and a second UK flagship will be opening in London’s Soho in spring 2025.
True will leverage its considerable expertise in the consumer sector to enable Represent to further scale its operations, expand into new channels, and accelerate growth across multiple categories.
Co-Founder George Heaton said: “We’re gaining unstoppable momentum, and with this minority investment and strategic partnership with True we feel it’s the perfect time to propel Represent to new heights.”
CEO Paul Spencer added: “We’ve always selected our partners based on the strength of their team, and this partnership is no exception. From a business standpoint, we see growth opportunities across every area – geography, category, and gender.
“We’ve built an exceptional team who are working tirelessly on exciting initiatives across the board, including the highly anticipated launch of womenswear in 2025. The future holds incredible potential, and we can’t wait to see what’s next.”
Paul Cocker, CEO and Co-Founder of True, said: “We are proud to be partnering with George, Michael, Paul and the rest of the team at Represent – there are very few brands that are thriving in the current environment and we’re looking forward to supporting a team with so much energy and passion during the next phase of the Represent journey.”
Alongside its mainline collections, Represent has recently collaborated with other global brands such as Puma, Belstaff, and Oasis. Additionally, its 247 roster of ambassadors has grown to include some of the world’s highest performing Hyrox athletes, including Hyrox Global Master Trainer and Men’s Doubles World Champion, Jack Dearden, who’s also 247’s Head Coach.
True is an investment and innovation firm “focused on transforming the consumer landscape”. It partners with brands across all stages of growth, from portfolio brands such as Zwift, Cotswold, Ribble, and workplace mental health platform Unmind, through to global corporates and household brands such as Marks & Spencer and Warner Brothers.
