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.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
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)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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