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LONDON, United Kingdom — Osman Yousefzada has sold a majority stake of his namesake brand to new private equity firm Luxcite for an undisclosed amount.
The investment will see the British label strengthen partnerships with wholesale accounts and launch direct-to-consumer, both of which will help to fuel further international growth.
“I think fundamentally I’ve been a bit of a lone soldier in a way, trying to juggle commercial as well as creative,” the designer tells BoF. “I just wanted to really find a partner who’s really going to take us to the next level and actually free me up and allow me to focus on the creative element… Operationally it’s going to create a lot of support.”
Source: Courtesy
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Following the launch of its Perfect 5 capsule offering in 2015, the London-based brand has been gaining significant traction internationally: last year saw sales increase 70 percent, and a nationwide Barney's partnership helped bolster its consumer base further. "I like things to be made easy, and I think that’s what the Perfect 5 does," says Yousefzada.
Investor Luxcite was founded in 2016 with the aim of funding niche luxury and lifestyle companies that span fashion, beauty and wellness. Earlier this year, the firm acquired a stake in Hong Kong-based luxury brand Shanghai Tang, previously part of the Richemont portfolio.
Founded in 2008, Osman has acquired a cult following over the years, counting the likes of Gwyneth Paltrow, Emma Watson and Taylor Swift as fans. The label is currently stocked at premier retailers across the globe, including Browns, Harvey Nichols, Galeries Lafayette, Barney's and Matchesfashion.com.
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