Dressed for success
RevolutionRace was founded in 2013 with headquarters in Borås, Sweden. The company sells outdoor apparel through a direct-to-consumer business model, with an innovative design, high quality and functionality at an affordable price point. Its primary products are outdoor pants in several models – but several other categories exist, including jackets, mid layers, base layers and most recently a ski apparel assortment. RevolutionRace’s success relies on focusing and building its own brands rather than marketing third-party brands, offering function over fashion and exclusively utilizing a SoMe-paid marketing methodology.
“We were born on Facebook with just a few hundred customers, today our social media following is over 500 000 people. Without Facebook we would still have been stuck in my father’s garage – where it all started” says Pernilla Nyrensten, founder and CEO of RevolutionRace.
Altor invested alongside the founders, Pernilla and Niclas Nyrensten, in 2017 with the ambition to support the founders’ growth plan in existing and new geographies and to broaden the product offering. Since Altor’s entry – RevolutionRace has gone from targeting five to fifteen markets, in a very rapid international expansion including localization of the site and offering in the different geographies. In December 2019, Altor exercised a call option to become majority owner, but the company is still led by the founders and they also remain as significant owners.
Altor’s prior experiences with Helly Hansen and Rossignol in outdoor apparel and Dustin in terms of online expertise, have been very useful in growing RevolutionRace alongside the founders. Altor has supported the founders and the company in professionalising the business to build the foundation for continued growth and operational improvements including building the organisation, implementation of new financial reporting and new IT systems. “When we brought Altor onboard we were given a dream Board – the combination of knowledge is fantastic” says Niclas Nyrensten, founder and Head of Product Development at RevolutionRace. Further, Altor has identified and helped to implement a number of operational improvement initiatives to further accelerate growth and increase margins.