Canadian apparel brand
The privately held company said Friday it has agreed to sell 80 per cent of its ownership to Swedish hygiene products maker
She will hold the remaining 20 per cent stake of Knix and stay on as president.
The transaction is expected to be finalized in the second half of 2022.
"I am delighted to welcome Knix to
In a webcast, he said leakproof apparel is growing quickly and replacing disposable liners and pads.
Leakproof apparel is not only more sustainable — creating 75 per cent less waste than disposable products — but also more comfortable, discreet and reliable, Groth said.
"This leads to very, very attractive growth opportunities for
Griffiths founded Knix in 2013 with a focus on leakproof underwear.
The
"It started with leakproof underwear and we've now expanded into maternity ... and we have a growing leakproof swim assortment," Griffiths said during the webcast.
"Our most recent big move has been in active," she said. "We really believe that leakproof and active is where the next frontier is."
"It makes a lot of sense when you think about things like sweat and the fact that many leaks happen during exercise and so we are very bullish and excited about our foray into the activewear space."
Knix sells mainly direct-to-consumers online, offering virtual fittings and a simplified online return process. It also has six retail stores in
Griffiths noted during the webcast that the brand has been a pioneer in the body positivity space. Its ad campaigns include people of diverse ages, sizes, races and backgrounds, often featuring stretch marks or other natural body attributes.
The total enterprise value of Knix, which has approximately 200 employees, amounts to
It said Knix reported net sales of
The deal with Knix comes a day after
This report by
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