The Lewis Trust Group (LTG), a family-owned investment firm, which owns the River Island brand has taken control of retail fashion brand Mint Velvet.
According to media reports, the deal is thought to be in excess of GBP100m (US$131.3m) and is for a controlling stake in the business. LTG already had a share in Mint Velvet which it bought in 2015.
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Mint Velvet is a UK based multi-channel fashion retailer with 28 stores, as well as 92 concessions in John Lewis, House of Fraser and other department stores. It launched in 2009.
A spokesperson for the LTG Group which also owns stakes in San-Francisco based fast fashion label, Dolls Kill, told just-style: “An entity controlled by the Lewis family confirms that it has bought a further stake in Mint Velvet. This investment reflects high confidence in the business, brand and people. The business continues to be run independently by founders Liz Houghton and Lisa Agar Rey who remain invested.”
The transaction value was not disclosed.
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