Word: brandings
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...calls every day," says Robert Bensoussan, CEO of Jimmy Choo, who, with funding from private equity, took the brand from $20 million to $140 million in sales in five years. "Whether they are managers asking for advice on how to speak to private equity, family-owned companies asking what working with private equity is like or private-equity people saying, We're interested in your success story...
...every deal hits the ball out of the park; fashion remains a risky go-with-your-gut business. Every six months the creative cycle has to rev up again, and God forbid the brand doesn't hit the right trend one season. The result can be costly, with stores filled with unsold merchandise. The potential for failure is great, "but the upside opportunity is also that great," says James Hurley, who follows the luxury market...
...reasons Change Capital viewed Jil Sander as an attractive investment was that it doesn't rely on up-to-the-minute trends to the degree that a brand like Dolce & Gabbana does. "You would not expect a collection to come out and lose 50% of your sales because you didn't hit the right button," says Stephan Lobmeyr, a managing director at Change Capital. "I'm not saying it's not innovative. You need innovation or you don't have a place in high fashion, but it's more stable...
Good management like that, something relatively new to the fashion business, is what draws investors in. "That's probably the No. 1 criterion for any private-equity investment," says Philippe Franchet, a partner at L Capital, explaining why they invested in the low-profile Piazza Sempione brand. "The management team is brilliant." Translation: it has a manager with a good production record and a solid business plan. When Enrico Morra, managing director of Piazza Sempione, and the company's founders met with L Capital's partners, they outlined exactly what they wanted to do, including opening more stand-alone stores...
...Entrepreneurs can grow a business to about $50 million," says William Smith of Global Reach Capital, a new private-equity firm that specializes in consumer brands and just invested in Tory Burch, a New York City--based apparel and accessories brand. "That's where we come in. We can take it to $250 million." Says Burke, who now works as a consultant to private-equity firms, including Global Reach Capital: "There are a lot of great fashion brands that don't have the capital or the business acumen to grow." That's where a private-equity firm can provide them...