Derek Lam secures investors
American fashion designer Derek Lam has received financial backing from New York investment firm Sandbridge Capital, whose senior advisors include Tommy Hilfiger and Domenico de Sole. In September 2013, Sandbridge raised 33 million dollars to help support young brands with high growth potential.
Domenico De Sole (Former CEO of the Gucci Group) stated: “I have been mentoring Derek since 2004 after he won the CFDA/Vogue Fashion Fund and I continue to admire his elegant aesthetic. I’m confident that with his outstanding talent and strong work ethic he will take the Derek Lam brand to new heights.”
The exact terms of the transaction were not disclosed but Sandbridge Captial has taken a significant majority share in the company and plans to provide the growth capital necessary to expand the brand’s retail, wholesale and direct-to-consumer ecommerce platforms.
Derek Lam currently has just one store which opened on Madison Avenue in New York in 2009 and his collectios are sold at various department and online stores such as Barney’s, Bergdorf Goodman, Saks and Net-a-Porter.
Situated in the luxury contemporary segment, Derek Lam has taken part in New York fashion week with his main collection since 2003. His second line, 10 Crosby Derek Lam, successfully launched in 2011. In 2012, Derek Lam and co-founder Jan-Hendrik Schlottmann repurchased the company from group Labellux, which took control of the label in 2008. Prior to launching his own line, Derek Lam was creative director at Tod’s and worked a Michael Kors.
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