Business News: Cushnie et Ochs Upgrades with an Investor and a New CEO
American fashion house, Cushnie et Ochs are taking their New York label to the next level. Designers Michelle Ochs and Carly Cushnie has sold a minority stake in their label to an investor group led by private equity firm Farol Asset Management. This wasn’t the move, the fashion house pulled, Cushnie et Ochs announced its newest hire, Peter Arnold as the brand’s serving CEO. Arnold, the previous CEO of Cynthia Rowley was also the executive director of the CFDA.
Cushnie et Ochs launched their first ad campaign back in 2011 and was founded in 08, leading signature looks in cut-out fitted dresses and minimalistic tailoring. The fashion brand has landed in retailers, including Bergdorf Goodman and Net-A-Porter through the years. Not to mention, the duo landed the finalist spot in the CFDA/Vogue Fashion Fund and received the Ecco Domani Award, a CDFA Swarovski Award Notification.
“We have been extremely impressed by the support of Cushnie et Ochs’s retail partners and the loyalty of the customer,” Robert Azeke, managing partner of Farol Asset Management, said in a statement. The deal marks Farol’s first fashion investment. Other companies in its portfolio include 24 Hour Fitness, specialty manufacturer Airxcel and packaging company Delphon.
This power move was set up to accererate the brand’s growth across distribution channels and further develop the brand in the States and abroad.
“As their CEO, I look forward to partnering with Carly, Michelle and our investors to unlock the substantial global potential that we see within the brand over the next several years.” – Peter Arnold