Farol Asset Management LP has led an investor group to buy a stake in Cushnie et Ochs LLC. The investor group includes Farol and several fashion industry insiders. Financial terms weren’t announced. New York-based Cushnie et Ochs is a womens designer ready-to-wear company. Peter Arnold has joined Cushnie as CEO. He was previously CEO of Cynthia Rowley.
NEW YORK, Nov. 23, 2015 /PRNewswire/ — Co-founders and designers Carly Cushnie and Michelle Ochs announced today that they have sold a stake in Cushnie et Ochs, LLC to an investor group led by Farol Asset Management, LP – a leading private equity firm. The investor group includes Farol and several fashion industry insiders.
In conjunction with the investment, the Company has hired Peter Arnold as Chief Executive Officer, to lead the business and work with Ms. Cushnie and Ms. Ochs. Mr. Arnold joins Cushnie et Ochs after seven years as CEO of contemporary brand Cynthia Rowley. Prior to that, Mr. Arnold was the Executive Director of the Council of Fashion Designers of America (CFDA), which he joined after years as a partner at the law firm Sidley Austin LLP in New York.
The proceeds from the investment will be used primarily to expand the collection, accelerate the brand’s growth across distribution channels and further develop the Cushnie et Ochs brand in the U.S. and abroad.
Carly Cushnie and Michelle Ochs said:
“We are extremely pleased to partner with Farol and start this exciting new chapter for Cushnie et Ochs with Peter Arnold as CEO. He shares our vision for the brand. We are confident that Peter is the right person to guide us through the next stage of our growth as a company.”
Peter Arnold said:
“As their CEO, I look forward to partnering with Carly, Michelle and our investors to unlock the substantial global potential that we see within the brand over the next several years.”
Robert Azeke, Managing Partner of Farol Asset Management, said:
“We have been extremely impressed by the support of Cushnie et Ochs’ retail partners and the loyalty of the customer. Carly and Michelle have done an outstanding job of building their business and assembling a talented and dedicated team of professionals to support that growth. We look forward to working closely with Carly, Michelle and Peter to expand into other product categories, broaden international distribution and grow awareness of this truly unique brand and dynamic team of women designers.”
Brien Wassner of Milbank Tweed Hadley & McCloy LLP served as legal advisor to Farol Asset Management and the investor group. Douglas Hand of Hand Baldachin Amburgey LLP served as legal advisor to Cushnie et Ochs.
About Cushnie et Ochs:
Founded in 2007 in New York City, Cushnie et Ochs is a womens designer ready-to-wear company with a devoted following. Cushnie et Ochs has been the recipient of several industry accolades, chief among them an Ecco Domani Award, a CFDA Swarovski Award nomination and selection as a finalist for the CFDA/Vogue Fashion Fund. The collection can be found in such stores as Bergdorf Goodman, Neiman Marcus and Saks Fifth Avenue, and at luxury online retailers such as Net-A-Porter. For more information please visit: www.cushnieetochs.com
About Farol Asset Management, LP:
Founded in 2011, Farol is a private equity firm that provides direct and co-investment solutions to leading institutional investors worldwide. The firm manages $250 million in capital and, working alongside experienced operators, investors and funds, invests in a broad range of industries including, but not limited to apparel, consumer products and services, manufacturing and software and technology. Farol has been a pioneer in supporting women and minority entrepreneurs and businesses on behalf of its institutional investor clients. For more information, please visit: www.farol-group.com.
SOURCE Cushnie et Ochs