Kit and Ace, founded in 2014 for Lululemon founder Chip Wilson, has been sold to members of the company’s leadership team, led by CEO George Tsogas. The sellers were the Wilson family.
In April, Kit and Ace announced it was closing all 32 stores located in the U.S., Australia and the U.K. and laid off staff at its Vancouver head office. The athleisure chain shifted to focus on its Canadian showrooms and global e-commerce platform. Kit and Ace operates seven stores in Canada.
Tsogas has led the company since April 2017 when he outlined his vision for transitioning the company away from luxury apparel and refocused it on designing technical apparel for the modern commuter, according to a statement. Since then the company has focused on creating commuter wear that takes modern professionals to the office and home again, a new segment that has demonstrated strong growth and momentum in key cities where Kit and Ace is focused, including Vancouver, Toronto, New York and San Francisco.
This transition was completed on August 31, 2018.
“We are excited to begin this next chapter in Kit and Ace’s history as owners, leaders and employees,” said Tsogas. “We have built a team of passionate and experienced experts in various fields that are coming together under one vision, and we love that our guests are connecting with our new apparel and the vision we have for this brand.”
The company said it is seeing increasing sales momentum and its first months of profitability since being founded in 2014. The company credited its positive results to their vision of solving the needs of the modern commuter and strong demand for its Navigator Collection, a technical apparel line that focuses on giving bike commuters office-ready clothing options.
“As urban populations continue to grow, more and more people are choosing the bike as their main mode of transportation. In fact, in Vancouver over 10 percent of residents cycle to work, and 50 percent of all trips in the city are now made by bike, foot or transit,” said Erin O’Melinn, executive director of HUB Cycling. “With bike commuting on the rise, we love that Kit and Ace is offering stylish and functional commuter wear for both women and men cycling to the office without having to change upon arrival.”
In April, 2018, Kit and Ace unveiled the Navigator Collection, its first technical commuter line featuring the Trouser, Jogger, Short, Blazer and Jacket. In August, they launched the first edition of a Navigator Trouser tailored for women. The wildly successful Navigator Collection is optimized with venting, secure pockets and reflectivity and utilizes industry-leading technical fabric that is water-repellent, durable, easy to care for and comfortable. The Navigator Collection marks the first step in transitioning Kit and Ace’s product line to technical commuter wear.
Kit and Ace has introduced the ‘bike test’ into its design process, ensuring that every product it designs is tested on a bike to make sure it holds up to increased movement, outside elements and moisture while still looking great once you arrive at the office. The bike offers the ultimate test for a commuter wardrobe–if it works on a bike, it will work for any commute.
Photo courtesy Kit And Ace
