New York—Reed Krakoff, former Coach president and creative director, held his Spring 2014 runway show for his eponymous collection last week at New York Fashion Week, but this time he sent the models down the runway under the auspices of his own independent company.
Last week, Krakoff and a group of investors, completed the $50 million purchase of Reed Krakoff Collection, which was begun in 2010 as part of Coach. Krakoff who is president/creative and Valerie Hermann will continue as chief executive and Mark Ein, founder and chief executive of Venturehouse Group, will become chairman. Other investors include Mitchell Rales, co-founder of Danaher Corporation and certain funds managed by T. Rowe Price Associates, Inc., including T.Rowe Price New Horizons Fund. Coach maintains a minority share, too.
“I am delighted to enter this new phase of the development of the Reed Krakoff business with such great partners,” said Krakoff. “We have all come together with the same long term vision for the brand and for the future of American luxury and are excited to build a great company together.”
The brand, which has stores in Las Vegas and Short Hills, New Jersey, is carrying by retailers including Saks Fifth Avenue, Neiman Marcus Bon Marché and Colette in Paris. The investor group “will provide significant funds to finance the long term growth of the global luxury brand based in America under Reed Krakoff’s creative control. “Our investor group is thrilled to use our capital and extensive growth company experience to help Reed continue to build the next great American luxury brand,” said Ein.