Iconic Fashion Brand joins Private Equity Firm’s Growing Fashion Portfolio
Los Angeles, CA and Paris, France – July 1, 2010 – OpenGate Capital, a global private equity firm, has completed its acquisition of NICOLE FARHI, an iconic fashion brand, from French Connection Group PLC. OpenGate has purchased all inventory, retail locations, and intellectual property under the NICOLE FARHI label.
“The acquisition of the prestigious NICOLE FARHI label is very important to our portfolio and aligns with our strategy to identify and buy brands with high value-creation and expansion potential,” said Andrew Nikou, OpenGate Capital founder and CEO. “We see opportunities in online and traditional retail as well as the wholesale and licensing sides of the business. Our hand-on partners are working with the management team to develop and execute a strategy for both improving fundamentals and energizing growth of the business in targeted markets and through new channels.”
Nicole Farhi is an iconic international designer and her elegant and sophisticated style has been a runway landmark since the brand’s inception. Nicole Farhi, who founded the label in 1983, is continuing in her role as Creative Director and Niki Scordi, formerly a Managing Director, is now CEO. Nikou has become chairman of NICOLE FARHI. The design house will continue to be based in London with offices and showrooms in Milan.
“We are excited to be working with the OpenGate Capital team,” Scordi added. “We look forward to expanding our retail and wholesale distribution networks both in our home market and internationally, and developing new product categories that capitalize on the strength and recognition of our brand.”