Serge Azria Sells Stake in Joie and More
The creative force behind Joie, Equipment and Current/Elliott, Serge Azria, sold a 60% stake in the three brand's parent company Dutch LLC. The large stake was sold to Private equity firm TA Associates.
Azria has been very busy developing the businesses and expanding the businesses, which has made investors anxious to get in while their is so much potential and growth ahead, espeially in accessories.
Dutch's profits have grown by more than 30% in each of the brands in the last five years.
"With the recent addition of e-commerce and company-owned retail boutiques...the Dutch brands are well positioned to become leading lifestyle brands in the contemporary segment," said James Hart, principal at TA, who will join the firm's board. "We are looking to support the growth of the Dutch brand portfolio and working with the longtime management team and distribution partners to continue increasing the brands' footprints, collections, and overall profile in the marketplace."