VCS Group, a wholly owned subsidiary of the Camuto Group, has acquired a majority stake in Development Clothing LLC, a contemporary apparel brand designed by Erica Davies, who will stay on as creative director.
A minority stake in the firm remains in the hands of Development's founding partners, Andrew Crane and Stuart Gaddis, and Davies, who has been designing the line since early last year.
The goal with New York-based VCS as the parent for Development is to grow it into a full lifestyle brand by adding product categories such as footwear and accessories.
"The brand has a great position in the contemporary women's marketplace," said Vince Camuto, chief executive officer of the Camuto Group. "We don't want it to be huge, but the design sensibility of the brand is a great format for growth into new categories."
Camuto declined to specify the brand's annual volume, but said it was "in the teens," or somewhere between $13 million and $19 million. He and Bob Galvin, president of the company, said they plan to grow the product within the high-end specialty doors that already sell Development, which include Barneys New York, Henri Bendel and Fred Segal.
"There is tremendous growth potential overseas," Galvin said. "It has a small presence now in Asia, the Middle East and in Europe, but we feel we can really grow our overseas distribution."
Development, based in Los Angeles, has been in business for five years. The company has two brands, Development by Erica Davies, which wholesales for $70 to $525, and a higher-end dress collection called Erica Davies Collection, which wholesales for about $300 to $700.
The Camuto Group designs, develops and distributes women's footwear, which is sold in more than 5,400 doors worldwide. The company also owns the Vince Camuto and Arturo Chiang brands, and is the master licensee for the Jessica Simpson collection. In addition, Camuto develops and manages the Antonio Melani and Gianni Bini brands, and holds the footwear license for BCBGirls, BCBG Max Azria and Nicole Miller.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive
For @simonerocha_‘s fall show, hairstylist @jamespecis created a look inspired by the painter John Constable. Models’ hair was pulled back, tied into knots and topped off with a bow. (📷: @kukukuba) #wwdbeauty #lfw
Queen Elizabeth made a surprise appearance at @richardquinn1's London Fashion Week show to present the designer with the inaugural Queen Elizabeth II Award for British Design. The new award will be handed out annually to an emerging British fashion designer who shows exceptional talent, while demonstrating value to the community and sustainable policies. #wwdfashion #lfw (📷: @giovanni_giannoni_photo)