Retail investment company True has acquired a majority stake in Helston-based children’s organic clothing brand Frugi.
After 14 years of building Frugi into the £10 million business it is today, owners Lucy and Kurt Jewson have decided to take a step back.
While they remain shareholders and Lucy will work as ‘brand ambassador’ for Frugi, Hugo Adams has been brought in as CEO. Adams has extensive retail experience, having served in senior roles for the likes of Marks and Spencer and, most recently, Superdry.
Paul Cocker, co-founder at True, explained: “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 already achieved significant success.
“Lucy and Frugi’s approach to product integrity, ethics, brand loyalty and digital fulfilment reflects what modern shoppers want. Frugi has great potential, allowing us to attract someone of Hugo’s calibre to lead the next phase of growth, alongside Lucy and the team.”
Lucy Jewson 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.”