The Horse secures investment at $50m valuation
The Horse, the Sydney-based leather accessories brand known for its viral Clementine Bag, has sold a 33% stake to Point King Capital. The deal values the business at approximately $50 million. It marks the first time founders Amy and Scott Hawkes have brought in external capital since launching the brand in 2009.
Transaction snapshot
Deal value: ~$50 million (implied enterprise valuation); ~$16.5 million for 33% stake
Deal multiples: ~1.25x revenue (based on expected FY revenue exceeding $40 million)
Deal type: Minority stake acquisition (33%)
Investors: Point King Capital
The investment will fund a potential network of physical stores and international expansion. The Hawkes will remain in the business.
The Horse started as a leather footwear label in 2009 before finding early success in watches. It pivoted to leather bags and accessories in 2019. Its best-selling product is the Clementine Bag, a cross-body style retailing at $300 that regularly sells out. Other top sellers include The Fin, a drawstring-structured clutch, and the Alexie, a compact tote.
Revenue is expected to exceed $40 million this year, representing high double-digit growth. Around 50% of sales now come from the United States. Australian sales account for roughly 30% of revenue.
The brand gained significant traction after a positive review from Tanner Leatherstein, a YouTube channel run by Volkan Yilmaz with over 500,000 subscribers. Yilmaz, a management consultant turned leather craftsman, is known for dissecting and reviewing luxury leather goods. He has over 1.3 million followers on TikTok.
The Horse currently retails online only. Post-investment, the brand will assess whether to open physical stores. Point King Capital has prior form here. Its portfolio company Arms of Eve, the Bondi Beach jewellery brand, has expanded from four stores to nine since Point King Capital's investment in late 2024.
The Horse is the third investment in Point King Capital's Global Brands fund, which closed after securing interest from high-net-worth investors last year. Point King Capital's broader portfolio includes Kirsten Carriol's Lanolips, Factor Bikes (alongside Atlassian co-founder Scott Farquhar), Flamingo Estate, Pet Circle, and Guzman y Gomez. McKay also sold cosmetics business Makeup Cartel to billionaire Dennis Bastas in 2024 for a reported $60 million.
