By  on April 29, 2011

Steven Alan has sold a minority share in his retail and design company to Tom Kartsotis, the founder and former chief executive officer of Fossil Inc. This is the first outside investor for Alan, who launched his company with a single store on Wooster Street in 1994 and has grown it to 10 stores, his own branded men’s and women’s collections and a multiline showroom that sells other independent designers.

“We’ve been self-financed to date and naturally expanding at about 20 percent a year,” Alan said. “We weren’t out soliciting investments but I met with Tom and we completely connected. He’s very interested in building this brand for the long term.” The deal was finalized earlier this week.

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