2XU launches first flagship store in Hong Kong
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Australian sportswear brand 2XU has opened a Hong Kong flagship store this month, located in the prestigious Causeway Bay shopping district.
Situated in the heart of Causeway Bay, at 77 Leighton Road, the new 930 square foot store is the official Hong Kong flagship and is the first standalone store for the high-performance sports apparel brand in the city. 2XU successfully debuted a Hong Kong e-commerce platform at the end of 2015.
Melbourne-born, 2XU specialises in technical fabrics, particularly compression wear. Its products are used by top athletes in Australia and internationally (it is distributed in fifty markets) and has been worn by basketball players in the NBA and NFL football leagues in the United States.
It boasted an annual 40 per cent increase in sales over the past five years, and has grown EBITDA at around 25 per cent per annum for same period.
In December 2013, L Capital Asia acquired a 40 per cent share of 2XU. In 2015, there was talk of L Capital Asia mulling a public float in either in Australia or New York that could value the business at more than $600 million.
2XU was founded in 2005 by Clyde Davenport, James Hunt and Aidan Clarke. The founders still hold a 42 per cent share, while Lazard Australian Private Equity holding an 18 per cent stake.
Questions & Answers
Q.What is the new store's significance for 2XU in Hong Kong?
What is the new store's significance for 2XU in Hong Kong?
The store is 2XU's official Hong Kong flagship and their first standalone physical presence in the city. Previously, they had only launched an e-commerce platform there at the end of 2015.
Q.What kind of financial performance has 2XU shown recently?
What kind of financial performance has 2XU shown recently?
2XU reported an annual 40 per cent increase in sales over the past five years. Their EBITDA also grew by approximately 25 per cent per annum during the same period.
Q.Who currently owns stakes in 2XU?
Who currently owns stakes in 2XU?
The founders, Clyde Davenport, James Hunt, and Aidan Clarke, still hold a 42 per cent share. L Capital Asia acquired 40 per cent in 2013, and Lazard Australian Private Equity holds an 18 per cent stake.
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