Home / Knowledge / News / Apparel/Garments / Snow Phipps invests in Velvet; forays into apparel sector
Snow Phipps invests in Velvet; forays into apparel sector
06
Apr '11
Velvet, the contemporary clothing collection, announced today that it has received a growth investment from Snow Phipps Group, a leading private equity firm. As part of the investment, Snow Phipps has acquired a significant interest in the company. Terms of the transaction were not disclosed.

Velvet's Chief Executive Officer, Henry Hirschowitz, and the entire senior management team, including designers Jenny Graham and Toni Spencer, will remain with Velvet. In addition, Andrew Megibow, a Snow Phipps Operating Partner, will join the team and become non-executive Chairman. Mr. Megibow is formerly of Ellen Tracy where he was instrumental in transforming the company from a small wholesaler into a fashion icon.

Velvet is a contemporary collection that offers a fresh approach for women that demand more than just novelty from fashion. Velvet's designers, Jenny Graham and Toni Spencer, fuse quality with trend-setting basics, and the result is a collection of soft and sensuous pieces that flatter without sacrificing feminine fit and beauty.

"The investment from Snow Phipps is a true testament to our accomplishments over the years and to our future strategy," said Henry Hirschowitz, Chief Executive Officer at Velvet. "Beginning with our luxurious modern t-shirts, we have naturally expanded into dresses, menswear with Velvetmen and more. As we look ahead, we are pleased to have the Snow Phipps team on board during this exciting time."

"This transaction represents our firm's first foray into the apparel industry despite having spent a number of years searching for an ideal investment candidate," said Ian Snow, Managing Partner at Snow Phipps. "The Snow Phipps team is pleased to be partnering with the great team at Velvet."

"Henry and his entire management team at Velvet, working alongside their incredibly talented designers, have done a remarkable job of creating a truly unique product, expanding upon it with the luxury Graham and Spencer collection, and partnering with high-end retailers to reach sophisticated consumers around the world," said Andrew Megibow.

"Velvet offers a comfortable, wearable elegance that modern women and men demand, and they have a plan in place that will drive the company forward for many years to come. We are excited to partner with them as they continue to grow," said Alan Mantel, Investment Partner at Snow Phipps.

The Sage Group acted as the exclusive financial advisor to Velvet. Snow Phipps was advised by William Susman in conjunction with Financo, Inc.

Snow Phipps Group


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search