Cushnie et Ochs announces investment and new CEO

London - Co-founders and designers Carly Cushnie and Michelle Ochs of New York-based fashion label Cushnie et Ochs have confirmed that they have sold a minority stake to an investment group led by private equity firm Farol Asset Management.

In conjunction with the investment, Cushnie et Ochs have also hired Peter Arnold as the brand’s chief executive officer, to lead the business and work with Cushnie and Ochs in expanding the collection, as well as accelerating the brand’s growth across distribution channels and further develop the Cushnie et Ochs brand in the US and abroad.

Arnold joins Cushnie et Ochs after spending seven years as CEO of contemporary brand Cynthia Rowley. Prior to that, he 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.

Commenting on the investment, 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.”

New York-based label Cushnie et Ochs sell minority stake

Arnold added: "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.”

The deal marks Farol Asset Management’s first fashion investment. The firm manages 250 million dollars in capital and invests in a range of industries, its portfolio includes 24 Hour Fitness, specialty manufacturer Airxcel and packaging company Delphon.

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.”

The design duo launched their women’s ready-to-wear company in 2007 and debut their first collection at New York Fashion Week in 2008. They’ve received numerous industry accolades including the Ecco Domani Award, a CFDA Swarovski Award nomination and a finalist spot in the CFDA/Vogue Fashion Fund. Currently, the collection can be found in stores such as Harvey Nichols, Bergdorf Goodman, Neiman Marcus and Saks Fifth Avenue, and online at Net-A-Porter.

Image: Cushnie et Ochs