Olsen Sisters Take Stake in BeachMint

Ashley and Mary-Kate Olsen have taken a minority stake in BeachMint, the Santa Monica based e-commerce company and signed on to be cochairs of its advisory board. The stylish twins will have both creative and consulting roles that extend their existing roles with StyleMint where they began as designers and partners in 2011, as well as ShoeMint and IntiMint.

"In our expanded roles as cochairs of the advisory board, Ashley and I will work closely with BeachMint's management team in this strategic phase of growth to establish the Mint brands as the leading online destination for all things fashion," said Mary-Kate Olsen.

BeachMint's furthering relationship with the Olsens reinforces the company's strategy of focusing on its fashion offerings that have shown the most potential.

"Mary-Kate and Ashley are a natural choice to advise on key business, merchandise and design areas as we further scale our women's fashion divisions," said Josh Berman, cofounder and chief executive officer of BeachMint.

Berman said having the Olsens as part owners of BeachMint is a prelude to a series of efforts to push the company's growth. "The agreement with Ashley and Mary-Kate is the first of a number of significant partnerships we have had in development for some time now," he said. "The deals coming to fruition in Q4 will allow us to deliver an even stronger experience for our members in 2014, including broader product assortments, efficiencies in production translating to greater value, new innovative designs and more opportunities for discovery."