Founders of River Island buy stake in Mint Velvet
Lewis Trust Group has bought a stake in Mint Velvet, a UK womenswear brand, Drapers reports.
Lewis Trust Group was set up by the founders of British high street retailer River Island. Though the size of its stake in Mint Velvet hasn't been revealed, it's described as "significant." Mint Velvet will use the investment to support its growth strategy. The company plans to expand its online business, and to open up to 20 stores over the next three years.
The brand currently has 28 UK stores as well as concessions in John Lewis, Fenwick and House of Fraser. CEO Liz Houghton said: “Our growth has been phenomenal since we had the idea around my kitchen table six years ago and the significant stake taken by LTG will enhance our ability to expand in the UK and into new international markets."
“As retail experts, with the same supportive and passionate culture as Mint Velvet, LTG is the ideal partner to enable us to fulfil our growth ambitions for the Mint Velvet brand over the coming years.”
Sales at Mint Velvet grew 31% to £63.1m for the year to April 30 2015.
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