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Spiritual Gangster on Hunt for Capital Infusion

LOS ANGELES – Spiritual Gangster, the yoga brand that started off the mat, has enlisted a banker in its efforts to recapitalize as the business looks to kick into high gear and grow market share.
The company, started in Phoenix 10 years ago by Vanessa Lee and Ian Lopatin, counts some 2,000 retail accounts that place the brand in roughly 3,000 doors around North America. Chief executive officer Gordon Devin declined to give the company’s turnover but described it as a sub-$100 million business. The company in 2015 tapped Irvine, Calif.-based La Jolla Group to handle back-of-house functions, such as warehousing and distribution — services it also provides to O’Neill and Hang Ten. Spiritual Gangster has now tapped Imperial Capital to raise money that would be deployed across the organization to “do what we do on a larger scale,” Devin said.
More specifically, that would entail company-owned retail, investing in technology, improving the product and getting into more fashionable offerings.
The competitive landscape demands that — not necessarily a fashion focus, but iteration of some kind from activewear players today.
“In the world of ath-leisure, you’ve got the 800-pound gorilla, Lululemon, and you’ve got everybody else playing second,” Devin said.
There’s certainly overlap of the

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Via:: https://wwd.com/fashion-news/activewear/spiritual-gangster-hires-imperial-capital-to-raise-money-to-grow-market-share-1202868027/