TA Associates invests in fashion brands

American investment fund TA Associates has confirmed that it has

acquired a 60 percent stake in Dutch, the parent-company of fashion labels Joie, Equipment and Current/Elliott for an undisclosed sum.

Founded by Serge Azria, the California-based Dutch group was constructed around fashion brand Joie, which the group acquired in 2007, then Azria launched denim brand Current/Elliott with fashion stylists Meritt Elliott and Emily Current in 2008, and in 2010 the group relaunched contemporary fashion label Equipment.

Currently, the Dutch brands are sold in more than 2,000 stores in 75 countries, including high-end department stores such as Harvey Nichols, Selfridges, Saks Fifth Avenue, Nordstrom, Neiman Marcus, Barney’s and Printemps.

“We are incredibly excited to partner with Serge Azria, a leader in the contemporary fashion space who has created brands that have achieved a loyal following in their individual segments,” said James R. Hart, a Principal at TA Associates.

He added: “Under Serge’s leadership, Dutch has developed partnerships with the most prestigious department stores and specialty shops worldwide and we look forward to maintaining and helping grow these relationships further.

“In this partnership, we are looking to support the growth of the Dutch brand portfolio and work with the longtime management team and retail and distribution partners to continue increasing the brands’ footprints, collections and overall profile in the marketplace.”

Azria, CEO and creative director at Dutch, will retain his position and will work closely with the new owners, and Hart and his colleague Jennifer M. Mulloy, a Managing Director at TA Associates will join the company’s Board of Directors.

The investment marks the group’s third venture into the fashion industry; the private equity firm also has stakes in Cath Kidston and Zadig & Voltaire.