Velvet Sold to Adastria
Velvet Sold to Adastria
Transaction
Overview
Our Partner firm, The Sage Group, advised Velvet on its sale to Adastra.
Velvet is a leading contemporary apparel business known for their signature brand “Velvet by Graham and Spencer.” Co-founded in 1977 by design partners Jenny Graham and Toni Spencer and CEO Henry Hirschowitz as an aspiration to create a fashion forward T-shirt that embodies the laid-back California attitude. Today the brand has evolved into full collections recognized for their meticulously crafted, clean staples for both men and women
Headquartered in Los Angeles, Velvet has retail stores in the U.S. and in the U.K., along with a fast growing e-commerce site and a strong presence through premium department stores and high-end specialty stores both in the U.S. and abroad. The brand has attracted trendsetters since its inception and has collaborated with in the past with supermodels and celebrities.
Velvet selected The Sage Group to explore M&A opportunities in the market. In 2017, Velvet completed the sale to Adastria, a publicly-traded apparel company in Japan which owns over 1,400 retail stores and 21 brands including apparel, lifestyle, and restaurants
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