Adastria Co. to Acquire Velvet

Japan-based Adastria Co. has entered an agreement to acquire Velvet, a California-based contemporary apparel company known for its Velvet by Graham and Spencer brand.

April 6, 2018

Adastria Co. to Acquire Velvet

Acquisition will further establish the Japanese company’s  presence in North America.

VelvetAcquisition.jpg

Further details regarding the transaction were not disclosed.

"Velvet is a distinguished brand in the U.S. contemporary market, and we are delighted to welcome Velvet to the Adastria group,” says Masa Matsushita, representative director and chief operating officer, Adastria. “This latest acquisition allows us to establish a strategic presence in North America and in the world of contemporary fashion, as we seek to transform Adastria into a leading global apparel company."

Velvet currently operates eight retail stores in the U.S. and has a strong presence throughout a variety of department stores and high-end specialty stores both in the U.S. and internationally.

The company is also the second investment for Adastria in the U.S. market following its investment in Marine Layer, an upcoming apparel company, last year.

"This is a great

opportunity for both companies. Velvet will provide a solid platform for Adastria, allowing the company to expand its presence in the North American market. In addition, Velvet will greatly benefit from Adastria's extensive resources, which will enhance our product range and appeal in a greater way to our Velvet customer,” says Henry Hirschowitz, co-founder and chief executive officer, Velvet. “Furthermore, with Adastria's knowledge in retail and online, we feel strongly that further opportunities for Velvet will materialize. We are extremely fortunate and honored to become part of the Adastria family of brands.”

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