PARIS — Vanessa Seward is looking for a new investor.
The designer is parting ways with French contemporary brand APC as it embarks on the next phase of its development, the two brands said in a statement.
They first joined forces in 2012, when Seward designed the first of five capsule collections for APC, going on to launch her signature label of ready-to-wear and accessories for fall 2015 with the backing of APC founder and owner Jean Touitou, who described the collection as “sensible luxury.”
APC provided logistical and financial support to the Seward label. Ownership stakes and other financial terms were not disclosed at the time.
The brand has since opened two stores in Paris, one in London and one in Los Angeles, though the latter closed last summer after one year in operation. It has a wholesale network of 55 points of sale and generated sales of 5.5 million euros in 2017, the companies reported.
“To enter a second phase of development that will help the brand meet its growth targets, namely through development overseas, new investments will be required which APC is unable to make today without compromising its own development,” they continued.
“Vanessa Seward is therefore looking for a partner to accompany her future development which will henceforth be separate from APC,” the statement concluded, confirming a report on trade site Fashion Network.
In a recent interview with WWD, Touitou gave some insights into the partnership.
“I thought there was no brand in that section, in something higher range than APC. It was exciting to do something obviously feminine, but we’re not after making many brands or becoming a group,” he said.
“We’re happy with the results, image- and business-wise, too, but again, we’re not aggressive, it’s not my style to be aggressive. I won’t tell you we’ll open 10 stores in six months or whatever. It’s the beginning,” he said.
Though he declined to provide details, he added: “I would say we’re very important financially for that brand.” APC’s only other investment is a minority stake in Outdoor Voices.