Is Value Activewear’s Next Big Opportunity?

The Manchester-based activewear brand behind the top-selling $65 leggings loved by Kaia Gerber and thousands of TikTokers alike is making a major push into the US market.

Backed by a new minority investment from Los Angeles-based private equity firm Story3, which values the company at $530 million, Adanola is betting big that the activewear opportunity is far from over.

What sets Adanola apart from the likes of Vuori, Alo Yoga and Lululemon is its minimalist aesthetic and simplified assortment designed to make everyday dressing easier, as well as an extremely competitive price point, according to chief executive Niran Chana. Chana joined Adanola in June 2024 from Gymshark, where he served as chief commercial officer.

“You can build a very considered, nice basket when you’re shopping Adanola without breaking the bank,” Chana said. “And we’re not asking customers to shop with us every week and every drop.”

The Adanola Formula

Adanola was founded by Hyrum Cook in 2015 with the proposition of creating a versatile women’s activewear line suitable for both the gym and everyday life. A longtime entrepreneur, he and his brother Josh Cook had founded a photo booth business prior to Adanola.

“I wanted to create products that could fit into a woman’s everyday lifestyle,” said Cook. “While we were always active-focused, [Adanola is] also a layering brand that could help make someone’s life easier in her decision of what to wear.”

Adanola is well poised for growth today because of the sustainable — and profitable — model that Cook has developed over the past decade, Chana said. While the brand launched in 2015, it wasn’t until the pandemic that business took off.

To consumers, another appeal may be its tight curation. The breadth of Adanola’s offering is smaller than its competitors and the brand’s website, which generates the vast majority of sales, is designed for easy navigation of just three main categories to shop: active, sweats and swim.

Adanola has also bet big on influencer marketing: Kendall Jenner fronted a campaign in January, and even posted Adanola on her own Instagram page.

In addition to working with “It”-girl influencers on both sides of the pond, Adanola has created buzz by investing in strategic partnerships, including wholesale accounts as well as food and beverage collaborations. Earlier this year, it joined Erewhon’s membership programme and partnered New York-based market Happier Grocery on a special collagen cold brew drink.

Adanola’s judicious approach to wholesale also serves a branding function, said Chana. In the UK, the brand is stocked at Harrods and Selfridges; in the US, it inked its first major wholesale account with upscale fitness chain Equinox in January.

“Where we’re investing in brand is to drive as many eyeballs toward Adanola.com, via brand initiatives,” said Chana. “But wholesale is additive and will supplement those efforts.” In the future, the brand will open its own retail store, he added.

But the real appeal may be Adanola’s price tag. At $65, the label’s best-selling leggings are almost half the price of Lululemon’s Align Leggings and a fraction of Alo’s $138 Airlift leggings. At a time when the vast majority of American consumers say they’re looking to save money on fashion, a bargain can go a long way — especially when marketed as premium products.

“The big competitive thing is price,” said Chana. “We deem ourselves price accessible — not the cheapest, but certainly not the most expensive.” Last year, Adanola generated £84.5 million in net revenue.

A Value-Conscious Market

After years of meteoric pandemic-fuelled growth, the activewear market has significantly slowed, according to research firm Circana. Between July 2023 and June 2024, US sales in the sector were effectively flat from the year before.

But in recent months, the category has seen renewed momentum. In the most recent 12 months ending June, the activewear market is up 2 percent, netting about $80 billion in US sales, said Kristen Classi-Zummo, director and analyst of apparel at Circana. The acceleration is driven by women’s activewear in particular, which climbed 5 percent in the same period.

Adanola’s push into the US is well-timed, but just offering leggings, sports bras and gym attire won’t be enough. While these pieces were in high demand for shoppers coming out of lockdown, Classi-Zummo said, today’s consumers are looking for more versatile pieces suitable for both exercising and hanging out.

Sweats, in particular, make up the fastest growing sector, she said — a welcome sign for Adanola, whose best-selling products include crewnecks, hoodies and button-up sweatshirts.

In the US, a mid-priced option for fashionable athleisure will certainly be embraced by shoppers today. “Consumers have been financially strapped from higher prices across the board due to inflation — on groceries, everyday items and necessities,” Classi-Zummo said. “Apparel is one of the top categories that’s going to feel that pullback. We’re seeing overall demand is outpacing dollars, which means consumers are trading down. … It’s a very important time to be focusing on value.”

The Plan for Growth

In addition to a compelling price and continued investment in influencer marketing, Adanola has an opportunity to seize a market as saturated as the US by providing an edited assortment of versatile pieces, Chana said. Online, products are merchandised in both a workout studio setting and a more casual, everyday context; fleece quarter zips paired with bike shorts; active tops over knit trousers. Its website features an entire section dedicated to “airport outfits.”

Over the next five years, Chana projects Adanola’s revenue to triple — primarily driven by its e-commerce channel, which currently make up 90 percent of sales.

It’s a very important time to be focusing on value.

—  Kristen Classi-Zummo

As a DTC company, Adanola can command higher margins at lower prices without having to rely on discounting. Continuing to invest in influencer marketing will be a key driver of expanding brand recognition, Chana said.

Ultimately, while there is still plenty of demand for activewear, driving growth in the category means investing in innovation, according to Circana’s Classi-Zummo. “If brands continue to churn out black leggings, the customer is going to look to other categories for excitement,” she said.

But Adanola isn’t letting go of its best-selling leggings yet.

“We’ve sold excess of 1.5 million units of our leggings since it came to the market,” Chana said. “We feel like there’s still a lot of opportunity within the legging category … The reality is people are much more conscious around health and wellbeing. And that’s where we are — we are serving that customer.”

Editor’s note: This article was amended on Aug. 6, 2025 to reflect when Niran Chana joined Adanola from Gymshark and the company’s involvement with Erewhon.