Pro athletes invest $50 million in Rhoback. CHARLOTTESVILLE, Va. (CBS19 NEWS) - A popular athleisure brand that got its start in Charlottesville is expanding big time, thanks to a new partnership with some of the biggest names in sports. "It's something we've never done before and our partners are going to really help us fuel our vision," said Matt Loftus, one of Rhoback's co-founders. Rhoback is working with L Catterton and Patricof Co to form a partnership they call CHAMP. "This investment brings on 250-plus unbelievable athletes that are backing CHAMP, that is now invested in Rhoback. From Jameis Winston, an NFL quarterback, to Sophie Cunningham, a WNBA star, to Jayden Daniels," Loftus said. It's a group of athletes that got together to invest in companies around the county. In Rhoback's case, it's $50 million. "We've partnered with a lot of athletes in the past, mainly in college sports, NIL. And now we have some of the best professional athletes that are backing Rhoback," Loftus said. The athleisure brand started out of a teardrop camper, while co-founders Matt and Kristina Loftus were studying at UVA's Darden School of Business. "We were fulfilling packages from our apartment here in Charlottesville," Loftus said. "Our first sales were from our camper at the Farmer's Market here in Charlottesville and other kind of UVA events." Rhoback opened their first ever storefront in Charlottesville back in November. This partnership will allow them to open a brand-new location in Dallas, Texas. "Thanks to the success of this store, we're in this investment, we're ready to open more stores," Loftus said. The partnership is also helping them expand their women's line. "We started with men's. That was our early years," Loftus said. "Last year, year and a half ago, we really leaned into new women's products and they're selling faster than the men's." Loftus says while they're looking forward to expanding, Charlottesville will always be their home. "It's the coolest feeling ever when we walk around and we see people in Charlottesville wearing Rhoback supporting the brands," he said. "It's hard not to run up and give them a big hug, but sometimes we do."

Reports: Shein to acquire Everlane. May 18, 2026 China's fast-fashion platform Shein is acquiring U.S. apparel brand Everlane from majority owner L Catterton in a deal valuing the U.S.-based apparel retailer at about $100 million, according to reports. Those with common stock in Everlane, which is known for its focus on sustainability, will not receive a payout, sources told Puck News and The Information. Puck News reported in March that private equity firm L Catterton and Everlane CEO Alfred Chang had been seeking an investor to address roughly $90 million in debt. In 2020, L Catterton, the LVMH-linked private equity firm, led an $85 million funding round to acquire a minority stake in Everlane and later became its majority owner. Everlane operates 11 stores in major cities in the U.S. Image courtesy Everlane