NEW YORK CITY — April 9, 2018 — Knot Standard, an omnichannel custom menswear brand, has received a significant minority investment from Provenance, a growth equity investment firm based in Los Angeles.  Originally founded in 2010, Knot Standard currently has showrooms in seven cities across the country, with plans for significant expansion.

“Knot Standard created an extraordinarily loyal and valuable customer following in the premium/luxury segment of custom men’s apparel, with a true omnichannel system and culture,” said Anthony Choe, founder, Provenance. “We’re proud to partner with the company to replicate their success in other markets throughout the country.” Provenance also joins the Knot Standard Board of Directors, bringing substantial industry expertise and market knowledge to the growing company.

Knot Standard has pioneered processes to create a “digital bespoke” offering, a significant step up from most made-to-measure custom offerings available in the market today.  As a result, Knot Standard enjoys extraordinary repeat customer and revenue rates in the apparel industry.

“Provenance brings tremendous insight as we embark on the next level of growth,” said Knot Standard CEO and Cofounder John Ballay. “Their approach to create value through customer analytics is unparalleled in the investment community.”

“Provenance is a value-added investor and really understands our business and brand” said Matthew Mueller, COO and cofounder.  “We look forward to our continued fruitful partnership for years to come.”

Provenance was represented by Perkins Coie LLP in conjunction with the transaction.  The Company was advised by Rendersi LLC with legal advice from Faegre BD LLP.

Posted April 9, 2018

Source: Knot Standard

NEW YORK CITY — April 6, 2018 — Tomorrow, April 7, 2018, Brooks Brothers, America’s oldest retailer, reaches its milestone 200-year anniversary. Since opening its doors on April 7, 1818, in New York City, Brooks Brothers has grown from a small family haberdasher to become a global brand that has shaped and defined American style through its product innovations.

“Our anniversary today marks a significant and historic milestone not only for Brooks Brothers but also for the retail industry,” said Claudio Del Vecchio, chairman and CEO, Brooks Brothers. “This is a moment to celebrate 200 years steeped in both tradition and innovation.”

American fashion today is a result of years of groundbreaking innovations and revolutionary disruptions by Brooks Brothers. While perhaps best known today as a “classic” brand, it is important to note that the brand’s founder, Henry Sands Brooks (1772 – 1833), was no traditionalist at all. He was actually a dandy and an influencer among his peers, always on the lookout for the newest and most novel styles for his emporium in lower Manhattan selling “every new style of cloth, of the finest quality, made to order in the best and most fashionable mode.”

It is therefore ironic that some of Brooks Brothers’ most classic items today were the result of either invention and innovation — many radical for their time. In fact, Brooks Brothers is responsible for the introduction and popularization of some of fashion’s most iconic and enduring items, including the navy blazer, the reverse striped rep tie, the polo coat and the Number One Sack Suit. Even today’s athleisure trend has its origins in Brooks Brothers’ adaptations of sports clothes for daily life — most notably the 1900 invention of the Original Polo® Button-Down Oxford shirt. Finally, Brooks Brothers was responsible for the single most significant contribution to fashion — ready-to-wear tailored clothing, which was introduced to America in the mid-1800s as a consequence of the Gold Rush.

This sartorial passion was passed down from Henry to his sons, Elisha, Daniel, Edward and John: the actual Brooks Brothers. These were fashion’s earliest influencers. For the past two centuries — and straight through to today — Brooks Brothers has outfitted an ever-changing world and is consistently pursuing quality and innovation, always with a respect for the past and an eye toward the future.

Throughout its history, Brooks Brothers has forged relationships for generations of customers: artists and politicians, working people and captains of industry, and Hollywood legends, as well as 40 out of 45 U.S. Presidents.

Today, Brooks Brothers currently has more than 280 stores in the United States and more than 700 locations internationally in 45 countries.

Brooks Brothers continues to lead with a pioneering spirit, continually developing materials and designs that deliver performance, innovation and high-quality design.

A Selection of Brooks Brothers Milestones:

Before there was the Eiffel Tower, Big Ben, the Statue of Liberty, Grand Central Terminal, and the cities of Hollywood and Chicago, there was Brooks Brothers.

• In 1818, Henry Sands Brooks opened clothing shop “H. & D. H. Brooks & Co” on the corner of Catherine and Cherry Streets. The first recorded transaction was actually a loan to a friend.
• In 1865, President Abraham Lincoln wore a custom-made Brooks Brothers coat to his second inauguration. Sadly, he was also wearing it when he was assassinated a month later.
• In 1900, Brooks Brothers invented the original button-down-collar shirt after noticing that polo players in England were pinning down their collars while playing.
• In 1902, Brooks Brothers introduced the reverse-stripe rep tie, an adaptation of British regimental ties.
• In 1915, Brooks Brothers opened its 346 Madison Avenue flagship store, where it remains today.
• In 1953, Brooks Brothers invented the first ever non-iron shirt.
• In 1957, Brooks Brothers introduced Argyle socks to America.
• In 1961, Brooks Brothers designed the “#2 suit” — a favorite of longtime customer President John F. Kennedy.
• In 1976, Brooks Brothers launched a full women’s collection.
• In 1979, Brooks Brothers was one of the first international brands to expand to Japan.
• In 2008, Brooks Brothers acquired Southwick in Massachusetts so that it could resume the manufacturing of tailored clothing in America.
• In 2016, Brooks Brothers appointed Zac Posen as creative director for the Women’s Collection.

Posted April 9, 2018

Source: Brooks Brothers

NEW YORK CITY — April 6, 2018 — Nine West Holdings Inc. — a footwear, accessories, women’s apparel, and jeanswear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt — today announced that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. This action was taken to facilitate the sale of its Nine West and Bandolino footwear and handbag business and to right-size its capital structure around its profitable and growing businesses, including One Jeanswear Group, The Jewelry Group, the Kasper Group, and Anne Klein.

In conjunction with the restructuring, the company received $300 million in debtor-in- possession financing and the company has entered into a Restructuring Support Agreement (RSA) with parties that hold or control over 78 percent of its secured term debt and over 89 percent of its unsecured term debt. Such financing, combined with cash generated from the company’s operations, will provide the company with the liquidity necessary to maintain its operations in the ordinary course during its Chapter 11 case. The RSA demonstrates the support of the company’s lenders and their confidence in the go-forward businesses, as well as providing a clear path to emergence from Chapter 11 on an expedited basis.

Under the terms of the RSA, Nine West Holdings intends to use the Chapter 11 process to accomplish specific objectives:

• Initiate a sale process for its Nine West and Bandolino footwear and handbag business pursuant to Section 363 of the U.S. Bankruptcy Code. The company has entered into a “stalking horse” asset purchase agreement with Authentic Brands Group, and the sale will be subject to a competitive sale process.
• Right-size the capital structure to allow for continued growth and investment in its profitable One Jeanswear Group, The Jewelry Group, the Kasper Group, and Anne Klein businesses while ensuring minimal disruption during the restructuring process.

Ralph Schipani, Nine West Holdings’ CEO, said: “This is the right step to address our two divergent business profiles. We will retain our strong, profitable and growing apparel, jewelry, and jeanswear businesses and continue to operate them under a new capital structure so that we can leverage their existing strengths to drive even greater growth. Once we complete the reorganization process, our Company will have meaningfully reduced debt and interest costs and be well positioned for the future.

“At the same time, we are initiating a process to sell our Nine West and Bandolino footwear and handbag business and have a purchase commitment from a dedicated owner with the resources and know-how to support these businesses for long-term success,” Schipani concluded.

Nine West Holdings is promptly seeking immediate relief from the Court though the filing of customary “first day” motions that will allow the company to smoothly transition its business into Chapter 11, including, among other things, granting authority to pay wages and benefits, honor programs with retail partners and customers, and pay vendors and suppliers in the ordinary course for all goods and services provided on or after the filing date.

Nine West Holdings’ legal advisors are Kirkland & Ellis LLP. The company’s financial advisor is Lazard Freres & Co., and its restructuring advisor is Alvarez & Marsal North America LLC.

Posted April 6, 2018

Source: Nine West Holdings Inc.

SINGAPORE — April 5, 2018 — Founded by Ankiti Bose and Dhruv Kapoor in October 2015, Zilingo was built to connect a highly fragmented landscape of fashion supply to fashion lovers across Asia. “Nowhere in the world has a horizontal e-commerce company also cracked fashion. It’s a unique, high margin category which is highly dependent on fast-moving cycles and has its own nuances. Unlike buying detergent or electronics, fashion is much more about your choice, individuality and trends. It requires a different approach than rest of e-commerce.” Says Bose who while backpacking across Thailand & Indonesia saw the labyrinthine markets selling everything from slogan t-shirts to maxi dresses and was inspired to start Zilingo.

Bose, along with Kapoor set out to build a proprietary seller platform that let merchants upload and manage their inventory in any language, using any currency, connecting them through 25 APIs with logistics, warehousing and payment providers, as well as services like loans, cataloging and insurance. They launched their B2C sites and apps in November 2015 across ASEAN to let fashion buyers buy from thousands of these merchants who used their Zilingo Seller Platform at their offline or online store. They soon also launched their B2B business, Zilingo’s AsiaMall which allows merchants around the world to buy wholesale from Asian suppliers.

Today, Zilingo sells in Indonesia, Thailand, Singapore, ships internationally to 4 more countries and has supply bases in it’s home countries of Singapore, Thailand & Indonesia, as well as China, Bangladesh, Vietnam & Cambodia. With over 10,000 independent merchants using the platform selling to millions of customers around Asia and the world, Zilingo aspires to take Asian fashion to the world.

The Growth Story And Recent Funding
It’s been an exciting year of business at Zilingo; The company has emerged as one of the fastest growing players in the region. It has grown 10x by revenues, launched a TV campaign in Indonesia and expanded the merchant ecosystem to include a tremendous arsenal of services, making it a one-of-a-kind product for over 10,000 merchants & private labels across Asia.

Zilingo has raised $54 Million – in a Series C , to grow further and expand internationally.
This takes total funding raised by the company to $82 Million. The round was led by Sofina, Burda Principal Investments and Sequoia Capital India. Amadeus Capital too joins as a new investor. All existing investors participated in the round including American billionaire Tim Draper, SIG, Venturra, Beenext, Manik Arora along with others. This round comes close on the heels of Zilingo’s $17 Million Series B raised 5 months ago.

Bose says, “We think the market is showing us the right signs in terms of adoption and
retention, so it’s good to double down. We are grateful to all the investors for continuously
showing great faith in our team and our vision for fashion commerce in this region.”

Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore says “The Zilingo investment is special for Sequoia because our association started with a seed investment even before the Zilingo service was first launched. Ankiti and Dhruv have totally impressed us with the quality of team they have assembled, their innovative e-commerce strategy and playbook and their speed and quality of execution, all of which resulted in more than 10x revenue growth in the last one year. This new round was finalized weeks after the last one and is a ringing endorsement of how much potential the investor group sees in the company. We’re glad to have invested significantly across all rounds the company has raised.”

Albert Shyy, Principal at Burda says ” Zilingo is creating a complete ecosystem for merchants to grow their online fashion business in Southeast Asia and beyond – we believe there is an untapped opportunity across the entire Asian fashion value chain & continue to be very impressed with the company’s trajectory”

Posted April 5, 2018

Source: Zilingo