Mansur Gavriel has landed its first outside investor.
According to a Business of Fashion exclusive, the cult-favorite accessories brand sold a majority stake to private equity firm GF Capital Management and Advisors. The terms of the deal remain undisclosed, but it was revealed that founders and creative directors Rachel Mansur and Floriana Gavriel will stay on as shareholders.
As part of the agreement, former Ralph Lauren exec Isabelle Fevrier will join the team as CEO, reported BoF. (She previously spent two decades at luxury fashion conglomerate LVMH Moët Hennessy.) Additionally, president Shira Sue Carmi will depart the company at the end of the month.
Founded in 2012, Mansur Gavriel is best recognized for its signature bucket bag, which has gained a loyal following among influencers, fashion editors and even A-listers, including Miranda Kerr, Naomi Watts and Rosie Huntington-Whiteley. In the past few years, the brand followed up its range of handbags with footwear — including its own spin on the traditional ballerina flat — as well as apparel and menswear.
Chiefly a wholesale business, Mansur Gavriel has made a concerted push toward direct-to-consumer, opening its first store three years ago in New York City and another outpost in Los Angeles. (The former — awash in millennial pink walls, ceilings and floors — continues to attract Instagram-happy shoppers.)
GF Capital’s investment could potentially help the company expand its brick-and-mortar presence as well as amp up its e-commerce platform. In its report, BoF added that the private equity firm generally contributes $15 to $50 million to businesses that have enterprise values between $20 and $150 million.
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