LOS ANGELES, May 17, 2017 /PRNewswire/ -- 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 a long time.
DOPE was founded in 2007 and has stayed relevant for 10 years—a rare feat in the fast-moving world of fashion. The progressive brand, which draws inspiration from both luxury lifestyle and street culture, 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.
Gough first became interested in DOPE eight years ago and has maintained continuous contact with the company ever since. 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."
Gough has a long history of running businesses and investing. He started his first company in college, after undergoing chemotherapy his freshman year for a rare bone cancer called Ewing Sarcoma. Gough first dove into retail with Finish Line where he helped grow the company's online business exponentially. He has since sold several companies, with his last one selling to a public company in Silicon Valley. He will leverage these skills as owner/CEO of DOPE.
"DOPE is an incredible brand that has already experienced tremendous success and I see the potential for so much more," Gough said. "With its strong portfolio of trademarks, its reputation and its team, the future looks even brighter."
DOPE is one of the last authentic brands out of the original wave of the streetwear culture. Since its inception in 2007, DOPE has grown to become a multi-faceted movement for all things cool. The Los Angeles-based label continually produces modern takes of timeless fashion and sportswear. DOPE's lines and boutique built a community of likeminded individuals that see DOPE as more than just a brand, but as a lifestyle.