Here's How Kate Hudson Grew Her Athleisure Company 'Fabletics'
Fabletics is one of the world’s most fashionable, active-lifestyle, and high-performance products for everyone. The company which was co-founded by American actress and businesswoman Kate Hudson has come a long way since they were launched. The company is just one of the diverse business ventures of the actress.
The premium styles of the fashion wear fuses with the latest advances in the performance technology which is probably the reason why they are well received by the market Fabletics was already worth $250 million in 2017, just four years after it was established.
Just in July 2021, the company floated a reputed valuation of $5 billion on the stock market. The company strives to empower their customers to wear the active wear beyond the gym or the yoga studio and have the activating Fabletics feeling all day long. The community-powered company has now about 2 million loyal members worldwide.
It was 2013 when Hollywood actress Kate Hudson launched fitness-wear brand called Fabletics. Fabletics was born since the actress always wanted to do something in the fashion world. The company that was co-founded by Adam Goldenberg, Don Ressler, Ginger Ressler, and Kate Hudson is fastest-growing label as soon as it was launched. Hudson wanted to make a difference by doing something meaningful with positive impact to the industry.
Fabletics offers affordable active wear brand to the market. The brand produces and sells color-coordinated products such as athletic clothes, yoga gear, loungewear, street wear and some accessories. The business is built on a pretty flexible subscription model. Fabletics was born because of the gaping void in the athletic space since there is not much affordable trendy workout wear in the market and Hudson and her partners took advantage of that.
The main goal of the company when they started was to offer a fun, and eco-conscious athletic wear with a budget-friendly price point. They basically wanted to promote a healthy and sustainable lifestyle while staying true to the company’s social values of inclusivity and community building.
The company finally had their first brick and mortar retail in the fall of 2015 with their first ever store built in Bridgewater, New Jersey. The company was under the umbrella of the fashion incubator company called TechStyle Fashion Group. Each year, the company has been adding more collections for their members.
With the growing demand for their products, in the spring of 2017 they decided to expand in offering dresses and swimwear. They also announced that they will be launching their official line of footwear that includes lifestyle sneakers, workout shoes and even slip-ons. The company might not be as big as the billion dollar company Nike in terms of footwear offering, but they sure do have a massive market share.
With their commitment to serve their customers better while taking care of the environment, the company implemented carbon neutrality at all of its stores. Fabletics transitioned away from the use of plastic shipment bags to recycled one. They started to establish biodegradable and reusable polybags to use for their stores. They also launched an eco-conscious capsule made entirely from some recycled and upcycled materials for the Earth Day 2020.
The company has had massive growth since they were launched and in 2020 they have announced that they finally surpassed $500 million of annual revenue. They also opened their first non-US store in Berlin on October 2021 that was then followed by their first ever UK branch which is an experiential pop-up located on London's Regent Street. With the addition of London and Berlin stores, the branches of Fabletics totaled to 75 stores worldwide.
The company now boasts over 2 million VIP members and allows their community to shop from thousands of new stylish wear each month. Just last April 2020, the company decided to expand their massive active wear collection to cater to men as well. They have signed Kevin Hart as an investor who will also be the new face of the brand.
Aside from expanding their market to cater to men, they have also launched their app called Fabletics Fit app which might be included in the apps that celebrities love using. The app has tons of on-demand workouts as well as meditations and other fitness related contents. The VIP members can exclusively access the app since it is part of their program with a minimal fee of $14.95 per month.
The company wanted to further broaden their market share so they also launched a velour capsule with actress Vanessa Hudgens in 2021. They also launched a tennis line for men and women in May 2022. The company has a quite impressive treatment to their customers so they were named Best Customer Service List of 2022 by Newsweek.
Earlier this year, it was also announced that co-founder Kate Hudson would be transitioning from being the primary face of the brand to leading them behind the scene with her new advisory role. The move has been long planned since the actress believes that she needs to focus on the strategic side of the business behind the scenes. The actress still has 20% stake on the business.
Sources: The Yoga Nomads, Refinery 29, Biz Journals
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