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British menswear brand Represent has sold a minority stake to London-based private-equity firm True, The Business of Fashion can exclusively reveal.
According to Represent chief executive Paul Spencer and co-founder Michael Heaton, True — which has invested in consumer brands from Boy Smells to Haeckels — was the right strategic partner to aid the label’s continued expansion. The brand plans to use the funds to grow its store count, invest in its operational capabilities and scale its North America business. Terms of the investment were not disclosed.
“We think we’ve got a billion-dollar business on our hands,” Spencer said. “If we want to be that size, then we’ve got to scale on all fronts and have to onboard solid people with operational experience and technical knowledge to guide us as we grow.”
The investment comes amid a period of considerable growth for Represent. With a boost from the opening of its first flagship stores this year — in West Hollywood, Los Angeles and then Manchester — the brand’s sales are expected to top £100 million ($125.3 million) in 2024, up from £80.8 million the year prior and £48.4 million in 2022.
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Founded in 2011 by brothers Michael and George Heaton, the brand initially gained favour with male consumers looking for elevated, streetwear-inspired staples. It has since broken out into new categories including knitwear, outerwear and denim.
Its “247″ performance sportswear line, which includes running and training apparel and accessories, has become a new growth driver, said Spencer, a former Puma executive that Represent hired in 2022 to lead its next phase of growth. The brand has also used high-profile collaborations with Puma, Belstaff and the recently reunited Oasis to increase awareness beyond its core audience.
In addition to selling through its own channels — set to expand further with a London store planned for summer 2025 — Represent has a sizeable wholesale business, with 140 retail partners including Selfridges and End.
“The investment hasn’t changed the course of our trajectory or strategic priorities,” said co-founder George Heaton. “[Growth in] the US is a priority for us, closely followed by APAC and EMEA markets.”
