Byron Bay fashion brand Thrills sold for $50 million
Universal Store Holdings has entered into a binding agreement to acquire casual youth fashion apparel retailer Cheap Thrills Cycles (CTC) – trading as Thrills – for $50 million.
The Byron Bay label – founded in 2011 by Brooke and Tabitha McGregor along with Ryan Collins – sells vintage and coastal-inspired youth fashion apparel for both men and women.
The acquisition will provide Thrills with $17.5 million in cash, $17.5 million in UNI shares and a notional amount of $15 million in deferred variable consideration.
Alice Barbery, Universal Store’s CEO and MD, said the trio behind the youth fashion brand have a proven capability to deliver products that customers love.
“Thrills is currently the highest-selling third-party brand in our Universal Store business and has been a consistent and growing part of our product offer for over eight years.”
In this financial year, the brand generated $34.6 million in sales from eight physical stores and online. Two new stores will open in November.
“CTC management is proving a capacity to identify market gaps and unmet demand and design and deliver unique and high-quality products,” said Universal Store in an announcement.
Thrills will continue to operate as a standalone business and this partnership is expected to aid in its growth and product development.
The transaction will be completed in the fourth quarter of this financial year, though it’s subject to conditions.