River Island family takes control at Mint Velvet
The family that owns the River Island clothing chain has taken control of premium fashion brand Mint Velvet in deal that is understood to value the company at more than £100 million.
According to the Guardian, the family’s Lewis Trust Group made the move after acquiring an initial stake in the business back in 2015.
A spokesperson for the Lewis family said: “This investment reflects high confidence in the business, brand and people. The business continues to be run independently by founders Liz Houghton and Lisa Agar-Rae, who remain invested.”
In the year to April 2018, Mint Velvet’s parent company, Sabre Retail Fashion, saw sales rise by 15.5% to £101 million as pre-tax profit increased by 8% to £13.5 million. At the time, the retailer was operating from 165 locations, including 40 standalone shops.
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