The Thrills clothing brand bought by Universal Store for $50 million
Universal Store Holdings has entered into a binding agreement to acquire youth casual clothing retailer Cheap Thrills Cycles (CTC) – trading as Thrills – for $50 million.
The Byron Bay label – founded in 2011 by Brooke and Tabitha McGregor with Ryan Collins – sells vintage and coastal-inspired youth fashion clothing for men and women.
The acquisition will provide Thrills with $17.5 million in cash, $17.5 million in UNI stock and a notional amount of $15 million in deferred variable consideration.
Alice Barbery, CEO and Managing Director of Universal Store, says the trio behind the youth fashion brand have a proven ability to deliver products customers love.
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“Thrills is currently the top-selling third-party brand in our Universal Store business and has been a consistent and growing part of our product offering for over eight years.”
This fiscal year, the brand generated $34.6 million in sales across eight physical and online stores. Two new stores will open in November.
“CTC’s management demonstrates its ability to identify market gaps and unmet demand and to design and deliver unique, high-quality products,” Universal Store said in a statement.
Thrills will continue to operate as a stand-alone business and this partnership should help its growth and product development.
The transaction will be finalized in the fourth quarter of this financial year, although it is subject to conditions.
This article was first published by Indoor retail.