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Japanese apparel retailer Adastria buys Californian brand
07
Apr '17
Japanese apparel retailer Adastria has entered into a definitive agreement to acquire Velvet, LLC, a California based apparel company, which owns the 'Velvet by Graham and Spencer' brand. Velvet is the second investment for Adastria in the US market. Last year, Adastria had bought a minority stake in San Francisco based apparel company Marine Layer, Inc.

Velvet by Graham and Spencer is known for its modern, sophisticated staples with laid-back California attitude, both for women and men.

Velvet operates eight retail stores in the US, while also being available in multi-brand and department stores in the US as well as UK.

The Japanese company founded in 1953, operates 1,358 retail stores in Japan and 108 stores overseas and reported revenues of $1.8 billion in fiscal 2016. (AR)

Fibre2Fashion News Desk – India


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