- Huw Hughes |
River Island’s parent company Lewis Trust Group (LTG) has acquired British womenswear retailer Mint Velvet in a deal reportedly valuing the company at more than 100 million pounds.
According to the Guardian, the deal will see Mint Velvet co-founders Peter Davies, Liz Houghton and Lisa Agar-Rea share a multimillion-pound payout. LTG, which is run by the Lewis family, who founded River Island and also owns San Francisco-based fast fashion label Dolls Kill, unveiled its plans to take control of Mint Velvet last week, after buying a stake in the brand in 2015.
A spokesperson for the Lewis family said: “This investment reflects high confidence in the business, brand and people. The business continues to be run independently by founders Liz Houghton and Lisa Agar-Rea, who remain invested.”
In the year to April 2018, Mint Velvet’s parent company, Sabre Retail Fashion, reported a rise in sales of 15.5 percent to 101 million pounds, while pretax profits rose by just over 8 percent to 13.5 million. However, the business took a hit when House of Fraser fell into administration last year, owing Mint Velvet more than 2.5 million pounds.
Photo credit: Mint Velvet, Facebook