Los Angeles-based contemporary brand Bailey44 brought in a new partner to supercharge its growing business.
Norwest Venture Partners took a roughly 50 percent stake in the business and is a minority owner.
Ruthy Grode, cofounder and chief executive officer of the brand, said Bailey44 was using the new funds to build an e-commerce site, work on international expansion and expand its brand awareness.
Bailey44 is carried at Nordstrom, Saks Fifth Avenue, Neiman Marcus and Bloomingdale’s and has several hundred active wholesale customers throughout North America, Europe and Asia. The brand’s styles, which include lots of form-fitting dresses and tops with stripes, are all made in the U.S. of European-sourced knits.
“Our company has been profitable since its inception in 2006, and we’ve been fortunate enough to achieve substantial growth of at least 20 percent year after year,” Grode said.
The brand makes 12 lines a year and is always pushing to update its looks.
“We try to take it to the next level, we don’t do the same old fabrications,” Grode said. “We have a real sense of urgency.”
The e-commerce site, once it’s up and running, will give the brand a new and real-time view on what shoppers want.
And Bailey44 will be getting input from its new partners at Norwest.
“Not only will their capital be an asset to expedite [Bailey44’s] growth, but they have a lot of experience in the consumer brand sector that will help us,” Grode said.
Norwest general partner Sonya Brown and vice president Rob Arditi have joined Bailey44’s board.
Brown said Bailey44 is “well positioned for continued growth” and that the investor would be “working closely with the team to continue building a major force in the women’s contemporary apparel category.”
Norwest has funded more than 500 companies across numerous sectors since 1961.
Vernon Company advised Norwest on the transaction and has been working with Bailey44 on its growth and branding initiatives.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye