Stephen Granovsky, CEO of Luxury Men's Apparel Group (LMAG) has announced the acquisition of Culturata, an Italian-made men's sportswear line recognized for its use of luxurious and innovative fabrics.
Based in Toronto and founded in 2008 by Jacques Haggiag and Nadine Price the Culturata brand of sport shirts, sweaters and knit tops are sold, primarily, at the Nordstrom-owned Trunk Club and Neiman Marcus as well as top men's specialty stores in North America.
LMAG, also a Toronto-based holding company, is purchasing a majority interest in the company while Haggiag and Price will retain a minority share. Haggiag will continue as President of the Culturata brand. In addition, Haggiag will take on the role of Senior Vice President, Sportswear Merchandising for LMAG working alongside Arnold Brant Silverstone, President and Chief Creative Officer, LMAG said in a press release.
Granovsky commented, "Culturata's brand story fits seamlessly into the over-arching narrative of craftsmanship, luxury and style that defines our brands. We believe Culturata has the potential to grow into multiple categories and distribution channels."
“Jacques Haggiag is a significant talent and Culturata's artisanal Italian design resonates strongly with consumers," said Silverstone. Haggiag will lead not only the growth of Culturata, but also the expansion of Samuelsohn and Hickey Freeman into sportswear and furnishings.
This represents LMAG's first acquisition in the men's sportswear category following the successful onboarding and growth stewardship of two luxury tailored clothing brands: Samuelsohn and Hickey Freeman. Culturata has doubled its sales revenue in the last two years and LMAG plans to continue the growth rate by leveraging its expertise and operational platform.
With LMAG investing in luxury men's clothing brands and manufacturers, Culturata will be added to its growing stable of businesses which includes Samuelsohn, Hickey Freeman and h-American Tailor. (SH)
Fibre2Fashion News Desk – India