- Vivian Hendriksz |
London - British lifestyle apparel brand Crew Clothing has been sold to US-based apparel manufacturer Exquisite Apparel for an undisclosed sum following a period of strong growth and development driven by the appointment of Louise Barnes, who joined the business as CEO in 2014.
However, Barnes is understood to have stepped down from her role and left the company following its sale to Exquisite Apparel. Alistair Parker-Swift, the founder and major shareholder of the UK-based apparel company sold his stake to Exquisite Apparel, according to Retail Week.
Private-equity firm Livingbridge, which has held a 25 percent stake in the fashion retailer since 2006, has also sold its stake to the US apparel company. The sale included all 80 retail locations of Crew Clothing, as well as its online platform.
The sale also led to the departure of Stuart Owens, chief financial officer, who previously joined the label last year. Parker-Swift, who founded the fashion brand in 1993, will remain working for the company and support its transition under its new ownership.
“We have really enjoyed working with Crew and look forward to seeing the next stage in its growth story,” said Livingbridge’s investment director Bevan Duncan on the sale. “We would like to take this opportunity to thank Louise Barnes and her team for their dedication to Crew and the work she has led in reinvigorating and strengthening the brand.”
Photo: Crew Clothing, Facebook