Pegasus Capital Advisors has become a partner in beauty brand Carol's Daughter, setting the stage for an investment-driven expansion that is aimed at growing the business as much as tenfold over the next few years.
Pegasus, based in Greenwich, Conn., has made available $50 million of the group's investment funds, said sources, allowing Carol's Daughter to open more stores, sharply focus its online platform and recruit marketing and operational talent to build the brand's infrastructure. "The popularity of the multiethnic market has been long ignored, and it is a huge opportunity," said Steve Stoute, who is Carol's Daughter's chairman, during an interview at his Manhattan offices. "Our partnership with Pegasus gives us the opportunity to take my vision and Lisa's [Price, Carol's Daughter's founder] to another level."
In fact, Stoute said, he plans to take the $20 million Carol's Daughter brand to $250 million to $300 million within the next five years. "We're not a brand that came around for two and a half years and then fizzled out," said Stoute. "We have Will Smith, Jada Pinkett Smith, Jay-Z and Mary J. Blige as believers. I'm being very aggressive because there is a huge opportunity there."
And he's definitely looking for help and is ready to hire. "If you believe in going against the grain and are aware of how the new generation's needs should be focused, I'm looking to hire you," said Stoute. "A lot of people are cutting back these days. We are aggressively going forward. We feel the market is ripe for growth. I want to turn what some consider a niche into mainstream. It needs to be managed as a best-of-class brand."
Stoute sees direct marketing — online and TV shopping channels — as one particularly ripe area for increased revenues.
"We want to touch the customer directly — that offers the best margins and the consumer prefers it," said Stoute. "The market has changed from consumers getting sprayed down at the cosmetics counter. You need to touch them in a different way. We know the value of telling our story directly, as opposed to letting someone else do it for us. And word of mouth is priceless. Like I tell movie guys, you've got to have a good trailer."
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)