Acquisition will further establish the Japanese company’s presence in North America.
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
Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes, it’s completely free.