Business In News
Health and hygiene brand Essity has completed its acquisition of Knix, a digitally native intimates brand, for $320 million. Essity now owns 80% of Knix shares, while CEO and founder Joanna Griffiths retains the remaining 20%.
The closing of the transaction was completed as Knix celebrated its 2 million customer milestone during a time when the intimates category is slated to reach $16.2 billion in the U.S. by 2026. In 2021, the company closed Series B financing, setting the stage for the brand’s 97% YoY growth for the year. While the brand relies heavily on a DTC presence, it also operates six brick-and-mortar retail stores.
“Essity is now becoming the global market leader in leakproof apparel, which is an important step towards our goal of being the world’s fastest-growing company in intimate hygiene, providing increased wellbeing for customers and consumers,” said Magnus Groth, President and CEO of Essity in a July statement.
Knix was founded in 2013 on the premise that the foundationwear category should include leakproof underwear and apparel such as activewear as it attempted to dispel stigmas related to women’s bodies. Its wireless bras have grown in popularity among consumers as the demand for comfortable intimates options continues to grow. The brand also committed to offering these goods in inclusive sizing and operates a teen label, Kt by Knix.
The retailer has also committed to featuring customers in its advertising campaigns. Knix brought attention to the leakproof underwear needs of intimates consumers throughout all life stages during a 2020 campaign that featured an entire campaign of women over 50 years old.