J. Mendel Acquired by Private Equity Firm
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Looks from J. Mendel’s fall 2010 collection. (Photos: UnBeige)
New York Fashion Week doesn’t begin until next Wednesday, but designer Gilles Mendel is already celebrating. His burgeoning fashion house, J. Mendel, has found a perfect fit in private equity firm The Gores Group. While the companies aren’t disclosing the terms of the transaction—and describe the investment only as “significant”—a highly placed source in the M&A world tells us that Gores has acquired a majority stake in the ultraluxe label. “We are excited by the possibilities of this partnership and are honored to be The Gores Group’s entrée into the luxury sector,” said Mendel, who will continue as CEO and chief designer of J. Mendel, in a statement announcing the deal. “With the investment, we are now well capitalized and will be able to leverage the current momentum of the business into future expansion.” The company is targeting new categories “that we believe complement our current offering,” noted J. Mendel president and chief operating officer Susan Sokol, the fashion industry veteran who helped Vera Wang transform her bridal business into a lifestyle empire that ranges from sunglasses to mattresses. Meanwhile, in the last decade, J. Mendel has evolved from a French fur house to a global fashion brand whose fall 2010 collection (pictured) mixed sublime coats, fresh takes on fur, and knife-pleated gowns that looked plucked from Gainsborough portraits—but were in fact inspired by the otherworldly photographs of Ryan McGinley. Mendel will show his spring 2011 collection on September 16 at Lincoln Center.
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