The European retail and consumer investment and innovation firm, True, has acquired a majority stake in the organic kids’ apparel and toy brand, Frugi.
Under the new terms, True will work with the management team at the baby and new mothers specialist brand to support Frugi’s ongoing scalable growth.
Frugi currently designs, manufactures and sells sustainably-sourced organic cotton apparel and accessories for babies, children and new mothers.
In addition to the investment from True, Hugo Adams, the former executive board director of Superdry and chief of staff at Marks and Spencer, has joined the firm as CEO.
With extensive sales and marketing experience, Adams has also worked for Dyson, where he led international growth, and the Body Shop.
Frugi boasts retail presence among leading retailers such as John Lewis, Zalando, Next and a portfolio of independent stores. The Cornish company won the Queen’s Award for Enterprise in 2014 and is championed for its use of organic cotton or recycled plastic bottles for all of its range.
True’s Live Network, including its start-up innovator and leading industry partner programmes will now help Frugi identify next-generation marketing solutions, products and emerging technologies to build international growth.
True’s own leading industry partners include John Lewis, Morrisons, LandSec, Abercombie & Fitch, TJX and South African and Australian retailer, Woolworths.
Paul Cocker, True’s co-founder, said: “We invest in businesses, teams and people who forge retail and consumer change. True’s very first investment was pureplay childrenswear e-commerce business Alex&Alexa and we are excited to continue to invest in a sector in which we have alrady achieved significant success.”
Lucy Jewson, Frugi co-founder, added: “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.
“Paul and the True team – as entrepreneurs themselves – quickly grasped the opportunities and challenges we face as a rapidly growing business. They’re going to protect and enhance Frugi’s innovative and ethical ethos, while helping us reach more likeminded customers around the world.”