True, Europe’s only retail and consumer investment and innovation firm, has acquired a majority stake in organic kids’ clothing makers, Frugi.
Leading ethical kids’ apparel brand Frugi, which designs, manufactures and sells sustainably-sourced organic cotton apparel and accessories for babies, children and new mothers, will now be expanding its global brand presence, thanks to True’s investment and retail and consumer sector-focused expertise.
True will work with the existing management team to support Frugi’s ongoing scalable growth, alongside ex-M&S chief of staff Hugo Adams who has come on board as ceo.
Frugi’s fun, ethical and innovative designs have helped the Cornish company foster a loyal and engaged customer base, notably leading to a Queen’s Award for Enterprise in 2014. Frugi uses only organic cotton or recycled plastic bottles in its products and gives 1% of its annual revenue to good causes.
True’s extensive network will help Frugi identify next-generation marketing solutions, products and emerging technologies in order to accelerate its international growth.
“Frugi is built on strong ethical values, so it was important to find an investor that respects this, but also has the experience to help support our future growth, particularly digitally,” explained Lucy Jewson, the driving force behind Frugi.
“Paul and the True team quickly grasped the opportunities and challenges we face as a rapidly growing business,” she continued. “They’re going to protect and enhance Frugi’s innovative and ethical ethos, while helping us reach more like-minded customers around the world.”
“We invest in businesses, teams and people who forge retail and consumer change,” added True’s co-founder Paul Cocker. “We are excited to continue to invest in a sector in which we have already achieved significant success [with Alex&Alexa]. Lucy and Frugi’s approach to product integrity, ethics, brand loyalty and digital fulfilment reflects what modern shoppers want.”
Frugi will join other digital-focused businesses within True’s private equity portfolio such as Ribble Cycles and The Cotswold Company.
