LONDON — Ten years after launching his fashion label, Osman Yousefzada has sold a majority stake to the new private equity firm Luxcite, one of the investors in Shanghai Tang, WWD has learned.
Yousefzada confirmed the deal with Luxcite, which specializes in niche luxury brands led by creative entrepreneurs. Financial terms were not disclosed.
The designer had been seeking funds to expand, and said the new investment would be used for brand and international development. More specifically, Yousefzada said he wants to strengthen his brand’s existing relationships with wholesale partners and develop direct-to-consumer sales.
“The team at Luxcite are exceptional professionals from both the luxury and financial industries,” said Yousefzada. “My partnership with them will see additional hands-on management to enable us to elevate the brand to the next level.”
Luxcite is run by its founder and chief executive officer Clare Julie McKeeve, who in July took a stake in Shanghai Tang alongside the Italian entrepreneur Alessandro Bastagli. Luxcite was formed last year to invest in luxury and lifestyle companies in the fashion, beauty and wellness sectors.
“We recognize the potential and scalability of this brand’s unique architectural and sculptural design, and consider its elegant aesthetic to be a clear fit for our portfolio of luxury and lifestyle brands,” said McKeeve. “His Perfect Five concept is relevant for today’s consumer who is bombarded with choices, but seeking simplicity. Osman’s dedication to providing an easy solution for women is a compelling business case.”
In 2016, Yousefzada launched Perfect Five: a capsule collection of tops, trousers, dresses, coats and knitwear at entry-level price points. The 25 pieces — five from each category — are sold alongside the designer’s pre-collections and they roll through the seasons.
At the time he said he wanted to create “a modular wardrobe of timeless, everyday pieces that can take you from day to evening, seasonless pieces that the stores can carry continuously.”
Known for his dramatic plays on volume and proportion, rich fabrics, and flattering shapes and fits, he’s become a darling of gallerists, art collectors and socialites in London and beyond. In April, he marked his debut at Barneys with a party at the cavernous private gallery space within curator Jeanne Greenberg Rohatyn’s Upper East Side town house.
The British-born Yousefzada, whose mother was a dressmaker, built and nurtured the business independently after studying at Central Saint Martins in London.
His label was short-listed for a Frieze Artist Award in 2014, and most recently, it was short-listed for the 2017 BFC/Vogue Designer Fashion Fund. He also produces a biannual collaborative journal called The Collective, a cross-disciplinary publication where the designer’s friends, artists, writers and other creatives explore the intersection of art and fashion.
He shows at London Fashion Week and his celebrity clients include Gwyneth Paltrow, Emma Watson, Rita Ora, Emily Blunt, Taylor Swift and Lady Gaga.