Spanish Formula 1 champion Fernando Alonso’s fashion brand, Kimoa, has been acquired by US group Revolution Brands due to its struggling financial performance. After experiencing aggregate losses of €3 million, the sale of Kimoa to Revolution Brands was announced in late August. The acquisition has resulted in Revolution Brands holding a 75% stake in Kimoa, while Alonso retains the remaining 25% and will continue as the brand’s ambassador.

The company behind Kimoa, Quimoalar, faced challenges in 2020, recording losses of €650,000, representing a 13% increase from the previous year. The COVID-19 pandemic significantly impacted sales, with 2020 totaling €843,000. However, in 2019, sales amounted to €1.1 million, and in 2018, they reached €1.2 million, which marked the brand’s peak in terms of commercial performance.

The change in ownership was officially reported on August 23 in the official bulletin of the Registro Mercantil in Madrid. Kimoa International LLC is now the sole partner of Quimoalar. Revolution Brands has ambitious plans to expand Kimoa’s presence in the North American market, with a goal of increasing distribution to around 50 stores in the coming years. Currently, the brand primarily generates revenue through e-commerce, selling its products in over 70 countries via its own online store and Amazon.

Kimoa is renowned for its urban-style t-shirts and hats, which draw inspiration from the world of motor racing. In addition to these products, the brand also offers sunglasses, performance cycling apparel, and electric scooters. Revolution Brands, the new owner of Kimoa, also possesses other brands, including SimplyEV, an electric scooter brand.

The acquisition of Kimoa by Revolution Brands provides an excellent opportunity for the brand to solidify its position in the global market, particularly in North America. With the expertise and resources of its new owner, Kimoa can explore new avenues for growth and expand its product range to appeal to a broader audience. Fernando Alonso’s ongoing involvement as the brand’s ambassador ensures a seamless transition and maintains the brand’s connection to its motorsports roots.

Useful links:
1. Kimoa official website
2. Revolution Brands official website