LONDON — London-based designer Richard Nicoll said he plans to step up international expansion with the help of a new investor.
The investor is a private individual who wishes to remain anonymous, the designer said in a statement. The person took a minority stake in the business, the exact size of which the label didn’t disclose. Nicoll has known the investor “for many years,” the designer said.
In its 2011 fiscal year, the Nicoll company achieved a turnover of over 1 million pounds, or $1.55 million at average exchange rates for that year.
“It is incredibly inspiring to have this financial support at a time when we are ready to grow the business and from a source whom we know incredibly well, someone who knows the business inside and out and in whom we have great trust,” stated Nicoll, who counts Net-a-porter, Harvey Nichols, Liberty and Matches in London, Lane Crawford and I.T. in Hong Kong and Tsum in Moscow among his wholesale clients. “This investment will give me the opportunity to really focus on the design side of the collections and expanding the ranges and spend time introducing the brand to a much broader global audience.”
Following the investment, Nicoll and his business partner and director Jo Knight plan to nurture retail partnerships around the world, extend the label’s public relations and develop a sales force in key markets.
The designer will also develop a bespoke range for VIP clients. Nicoll, who is holding a presentation as part of the London Fashion Week schedule on Sunday, also plans to hold similar intimate presentations in the U.S. and Asia in the coming year.