Activewear retailer Vuori has received a $45 million growth equity investment from Norwest Venture Partners. Norwest will acquire a minority stake in the retailer and Jon Kossow, Managing Partner at Norwest, will join the Vuori board of directors as part of the deal.
Norwest has been building a portfolio of direct-to-consumer and omnichannel brands that includes Birdies, Casper Sleep, Grove Collaborative, Jolyn, Kendra Scott, Madison Reed and Topo Athletic. Its investment will help Vuori maintain its rapid growth rate, which has hit close to 200% annually.
“Since launching Vuori, we've added so many incredible team members to our community, all of them completely aligned with our mission to deliver the best activewear in the market,” said Joe Kudla, Founder and CEO of Vuori in a statement. “From our employees, to our retail partners, to the folks who drop by our stores just to say hello, starting this business has been a team effort since day one. We are thrilled that our team is further expanding to include Norwest, and look forward to what our partnership will bring.”