Growth continues to be the name of the game when it comes to investing in retail.
Private equity firm Goode Partners took a stake in Philadelphia-based Sneaker Villa Inc. — which more than doubled the size of its store base last year and now has more than 50 units. New York–based Goode has a track record with smaller retailers, having previously taken stakes in Intermix and All Saints.
Villa sells footwear and apparel from brands such as Nike, Jordan, Timberland, Adidas, Puma and Rocawear. The company has stores in a host of Northeastern and Midwestern markets, including Philadelphia, York and Allentown in Pennsylvania as well as Chicago and Detroit.
Villa is led by chief executive officer and shareholder Jason Lutz, son Chris and Ruth Lutz, who opened the company’s first store in 1989. Peter J. Solomon Co. managing director David Shiffman advised Villa on the deal.
The retailer plans to expand in its existing markets and break into new territory in the years ahead.
“We look forward to leveraging our experience investing in and advising growth consumer retail companies to augment the extremely talented management team already in place at Villa,” said David Oddi, a partner at Goode.
Lutz said Goode’s experience with high-growth retailers figured into the decision to partner with the private equity firm for “the next chapter in our growth.”
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
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Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews