Cash will fund store roll outs
An investment firm set up by former Bloomingdales chief executive Marvin Traub has bought a 22 per cent stake in British fashion house Matthew Williamson.
The cash injection will be used to open flagship stores inNew York,Los AngelesandParis,as well as to launch products including accessories and handbags. The fashion house has just one standalone store inLondonand about 160 wholesale accounts globally.
The deal is the first for Traub’sTSMCapital, which is searching for luxury goods and retail businesses with annual revenue of between US$5 million and US$50 million (£2.5 million and£25 million).TSMdid not reveal how much it paid for the stake, although it is understood to be about£2 million.
Icelandic group Baugur bought 26 per cent of Matthew Williamson last year. Williamson and Joseph Velosa, the company’s founders, retain a 52 per cent stake. The fashion house is expects to deliver sales of£9.5 million this year, up from£8.1 million last year.