Reed Krakoff buys out namesake brand from Coach
The contemporary luxury brand Reed Krakoff no longer belongs to New York-based Coach group. The founder and namesake has acquired those shares previously held by Coach. Reed Krakoff stepped down as creative director from Coach a few months ago to make way for former Loewe's executive Stuart Vevers. Coach retains a minority share in the Reed Krakoff brand. The founder is now officially the majority shareholder since August 30.
Two new private investors — Washington-based Mitchell Rales and Mark Ein — supported Reed Krakoff in the transaction, reported by the U.S. press to be valued at $50 million. This is the first time that the brand has taken on new shareholders from outside the Coach group, where the brand Reed Krakoff was created in 2010.
Reed Krakoff is creative director of his brand, whose distribution in France includes Colette and Printemps Haussmann. The company will retain the current management structure, particularly its CEO Valerie Hermann, who was at the helm of Yves Saint Laurent until 2011, during Stefano Pilati's tenure.
Copyright © 2022 FashionNetwork.com All rights reserved.