Adastria, one of the largest apparel companies in Japan, is to completely acquire California-based fashion brand Velvet.
“Velvet is a reputed brand in the US contemporary market, and we are pleased to welcome Velvet to the Adastria group,” remarked Masa Matsushita, Representative Director and COO of Adastria, while confirming the deal. “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,” he further added.
While emphasizing that the company has a successful track record of growing brands and businesses by leveraging its strong value-chain management and brand management strategy, Matsushita said, “We have strong prowess in retail operations with over 1,400 retail stores and e-commerce operations across Japan and Asia. Working together with Velvet’s management team, we will accelerate the brand’s growth, especially in the direct-to consumer channels as we apply our expertise in retail and value-chain management.”
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After the company bought a minority interest in Marine Layer in April 2006, Velvet by Graham and Spencer is the second investment for Adastria in the US market. “Building our investments in Velvet and Marine Layer – an upcoming apparel company based in San Francisco – we plan to strategically enhance our global brand portfolio moving forward,” averred Matsushita.
“Velvet will provide a strong platform for Adastria, allowing the company to expand its presence in the North American market. Also, Velvet will benefit hugely from Adastria’s extensive resources which will enhance our product range and appeal in a greater way to our Velvet customers,” said an elated Henry Hirschowitz, Velvet’s co-founder and CEO.
