Japan-based company Adastria has bought Velvet, an US-based apparel company. Adastria operates 21 brands and has a strong expertise in retail operations with more than 1,400 retail stores and e-commerce operations throughout Japan and Asia.
Velvet is known for the brand Velvet by Graham and Spencer. It is known for its modern, sophisticated staples with a laidback California attitude, both for women and men. Velvet has eight retail stores in the US, with a strong market presence through premium department stores and high-end specialty stores both in the US and abroad.
The acquisition allows Adastria to establish a strategic presence in North America, in the world of contemporary fashion. Adastria has a successful track record growing brands and businesses by leveraging its strong value chain management and brand management strategy. By working with Velvet’s management team, the company hopes to accelerate growth, especially in the direct-to consumer channels as it apply its expertise in retail and value-chain management.
Velvet is the second investment for Adastria in the US market. In April 2016, Adastria acquired a minority interest in Marine Layer, another apparel company. Building upon investments in Velvet and Marine Layer, Adastria aims to strategically enhance its global brand portfolio moving forward.