Adanola passes £100 million in revenue and bets on North America expansion
Chief executive Niran Chana says the brand's cash pile has more than doubled since fiscal 2024, funding a new US warehouse.
Adanola has crossed the nine-figure mark, posting net revenue of £102.6 million for the year ending 31 March, up 21% from £84.5 million a year earlier. The figures, disclosed in Companies House filings this week, mark the Manchester-born activewear brand's first full year above £100 million in turnover.
Gross profit rose 20% to £69 million, though gross margin slipped to 67.0% from 68.1% the prior year. Profit before tax came to £17.2 million for the period, while the brand's total customer base reached roughly 2 million, up sharply as the business scaled.
North America is now the company's fastest-growing region, expanding 40% over the year. International markets as a whole account for about 20% of revenue, and Adanola opened a US warehouse in December 2025 to speed delivery and support what it calls localised growth in the region.
Chief executive Niran Chana, who joined Adanola from Gymshark in June 2024 after serving as that brand's chief commercial officer, said the company has more than doubled its cash position, from £20 million in fiscal 2024 to £41.5 million in fiscal 2026.
That cash, Chana said, gives Adanola "significant capacity to continue investing across product, brand and the wider business." He described the past two years as a period of structural reshaping intended to support the brand's growth curve and to build out its leadership team.
Headcount rose to 125 from 95 over the year as the business scaled its team around that growth plan. In August 2025 the brand took a significant minority investment from Los Angeles-based private equity firm Story3 Capital Partners, which valued Adanola at around $530 million.
Adanola remains primarily a direct-to-consumer business, a model that has defined its rise since Dragon's Den alum Hyrum Cook founded the brand in 2015. Chana said DTC will continue to represent the lion's share of revenue even as the company adds selected retail partners.
Those wholesale partners include Selfridges, David Jones, Ounass, Equinox and Soho House, alongside new additions De Bijenkorf in the Netherlands and KaDeWe in Germany, both part of the Selfridges Group. Chana said he recognises the value retail partnerships bring for in-person experience.
On pricing, Adanola's top-selling Ultimate Leggings retail at £40 a pair. A puffer jacket at £120 is at the top of the brand's range, while a £12 hair clip is at the lower end, spanning activewear, knitwear, travel attire and basics.
Chana argues the brand's edge in a crowded athleisure market comes from organisational simplicity as much as product. "For a nine-figure brand, our people structure is incredibly simple," he said, adding that this gives "role clarity and accountability throughout the business with no gray matter."
He described Adanola as existing "at the intersection of sportswear and fashion," selling activewear alongside knitwear and wardrobe basics in volume under a womenswear-led, lifestyle positioning aimed at customers aged 18 to 34 drawn to gym culture and wellness trends.
The brand has kept high-profile faces close to that campaign strategy. It continued its relationship with Kendall Jenner following a January 2025 campaign, brought in Adriana Lima in October, and added Lila Moss for a spring campaign the following February.
Adanola also points to sustainability progress: more than 30% of its salable range now uses recycled or organic materials, a share it says represents about 45% of sales. The company has not disclosed a target date for extending that share further.
Adanola's growth arrives as other consumer brands weigh where to place capital across regions and channels; we have covered how Equinox, one of Adanola's own retail partners, is in advanced refinancing talks to cut debt and fund its own expansion plans.
The North America push also lands alongside wider questions about US market access for apparel brands; we reported on Indian suppliers bracing for 100% US tariffs and looking to diversify away from America, a pressure Adanola's UK and European supply base does not directly face.
Adanola has not said what revenue or growth rate it expects for the current financial year, nor whether further warehouse or infrastructure investment beyond the December 2025 US facility is planned as North America's share of international sales continues to expand.
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Images: Adanola