Los Angeles-based streetwear brand Dope announced today that it was acquired by Rob Gough, an entrepreneur and investor who will now lead the brand as CEO. Dope had its best year ever in 2016, and with this acquisition, Gough plans to grow the business to new heights. This acquisition makes Dope the first major streetwear brand to be privately acquired in recent news. Specific terms of the deal were not disclosed.
Dope was founded in 2007 and draws inspiration from both luxury lifestyle and street culture, and has built a unique following that includes celebrities, artists, athletes, and music icons. Its flagship boutique, located in the historic Fairfax neighborhood of Los Angeles, attracts tastemakers for the clothing and as a hub for exclusive releases and events. Dope sells over $10 million a year in retail sales, and with this acquisition, Gough plans to more than double the business within the next 12 months.
After seeing the brand break its own sales record, Gough negotiated an all-cash purchase and has a big vision for the company’s future. As owner and CEO, he plans to invest heavily in the online presence, Dope.com, and push to create new product offerings, particularly in the categories of women’s apparel and smoking accessories. In addition, Dope recently acquired new trademarks that are valuable, and Gough plans to use them to pursue global licensing deals.
“My goal is to grow the brand like crazy,” said Gough. “Dope has managed to stay ahead of the trends and design great clothes for a decade. The team is phenomenal, the IP the company owns is phenomenal, and there are so many opportunities to turn Dope into a billion dollar business. Dope is an incredible brand that has already experienced tremendous success and I see the potential for so much more. With its strong portfolio of trademarks, its reputation and its team, the future looks even brighter.”