Fernando Alonso’s fashion brand Kimoa sold to US group Revolution Brands
Spanish Formula 1 champion Fernando Alonso launched his urbanwear brand Kimoa in 2017. Four years later, burdened by aggregate losses of €3 million, the brand has been sold to US group Revolution Brands.
News of the sale was given by Kimoa’s new US proprietor at the end of August, as reported in Spanish business newspaper Cinco Días. The latter also stated that Revolution Brands owns, as a result of this operation - the value of which was not disclosed - a 75% stake in Kimoa. The remaining 25% is still held by Fernando Alonso, who will continue to serve as ambassador for the brand.
Quimoalar is the name of the company that owns the business and trademark of Kimoa. According to the latest financial statement filed with the Spanish company registry (Registro Mercantil), Quimoalar’s losses amounted to €650,000 in 2020, 13% higher than the previous year. With regards to sales, in pandemic-hit 2020 they totalled €843,000, while in 2019 they amounted to €1.1 million and in 2018 to €1.2 million, the company’s best commercial result.
The company's change of ownership was officially reported on August 23 in the official bulletin of the Registro Mercantil in Madrid, which indicated that its sole partner was now Kimoa International LLC. According to the aforementioned source, Revolution Brands is planning to increase Kimoa’s presence on the North American market, extending its distribution footprint to some 50 stores in a couple of years.
Currently, most of Kimoa’s revenue is generated via the e-tail channel, through which it sells in over 70 countries, both on its own e-shop and on Amazon, on whose Spanish site Kimoa opened an e-store exactly a year ago.
Kimoa's signature items are urban-style t-shirts and hats, mostly inspired by the motor-racing world, but the brand also sells sunglasses, performance cycling apparel and electric scooters. It is worth noting that Revolution Brands owns, among others, electric scooter brand SimplyEV.
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