Designers Carly Cushnie and Michelle Ochs announced Monday morning that they have sold a minority stake in their label, Cushnie et Ochs, to an investor group led by private equity firm Farol Asset Management.
"We have been extremely impressed by the support of Cushnie et Ochs's retail partners and the loyalty of the customer," Robert Azeke, managing partner of Farol Asset Management, said in a statement. The deal marks Farol's first fashion investment. Other companies in its portfolio include 24 Hour Fitness, specialty manufacturer Airxcel and packaging company Delphon.
Cushnie et Ochs also announced new hire, Peter Arnold, who will serve as the brand's CEO. Arnold previously spent seven years as the CEO of Cynthia Rowley and before that was the executive director of the CFDA. "As their CEO, I look forward to partnering with Carly, Michelle and our investors to unlock the substantial global potential that we see within the brand over the next several years," he said in a statement.
The design duo debuted their first collection at New York Fashion Week in 2008. Since then, they've landed retailers like Bergdorf Goodman and Net-a-Porter, and received the Ecco Domani Award, a CFDA Swarovski Award nomination and a finalist spot in the CFDA/Vogue Fashion Fund. With the new investment, the designers plan to expand the collection, and increase international distribution and brand awareness.
Note: This post was updated with information about Farol's investment history.