Abu Dhabi’s Royal Group Acquires Controlling Stake in Pangaia
The Abu Dhabi-based investment vehicle Royal Group, which is owned by a family office of H H Sheikh Tahnoun bin Zayed al-Nahyan, brother of the UAE President H H Sheikh Mohamed bin Zayed al-Nahyan, has acquired a controlling stake in material science and apparel brand Pangaia.
Pangaia, the eco conscious brand launched in 2018, enjoyed an initial explosion of success, as lockdown-bound consumers snapped up its brightly coloured tracksuits, announced the investment on Thursday but the financial terms of the deal were not disclosed.
Following the pandemic, the company’s sales declined from a peak of $76 million in 2020 to $37.1 million in 2022. The company has also struggled to deliver on its broader vision to use its products as a launch pad for climate-friendly innovations that could then be delivered to the wider industry.
In an official release, Royal Group said that the acquisition reflected its vision to partner with forward-thinking ventures that embody innovation and social impact. Royal Group, which has invested in a diverse portfolio of companies, said it would take a “hands-on” approach to support expanding the reach of Pangaia’s material science efforts.
Significant Milestone
The company’s co-founder and former influencer Miroslava Duma said that Pangaia was founded as a platform for launching and scaling next-generation materials, with the mission of bringing problem-solving innovations to the world.
“The investment marks a significant milestone of celebrating our fifth anniversary for the brand and Royal Group’s commitment to Pangaia’s mission and expertise in driving sustainable growth make them the perfect strategic partner as Pangaia embarks on its next chapter,” she said.
Miroslava said that the company was launched with a mission to ensure every product it produces is better for the planet than if it did not exist. “We are proud to welcome Royal Group to lead and advance this shared vision for a transformative and responsible future for our industry going forward,” she added.
Royal Group’s investment will help to strengthen Pangaia’s financial and operational foundation, accelerating the brand’s ambitions in scientific innovation and advancing the global conversation on sustainability.
The investment follows Panagaia’s first store opening in the UK. Located at 57 Carnaby Street, the 1,500 sq. ft. space, it is home to the environmentally conscious collection of fashion and lifestyle products including the brand’s range of genderless adult and kids’ styles in bright and neutral shades.
