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New York luxury brand Khaite is receiving investment from US growth equity firm Stripes to fuel its next stage of expansion.
“This is an exciting chapter for Khaite,” founder and creative director Catherine Holstein said in a statement. “After opening the first store on Mercer Street in February, we are strategically looking ahead to continue to grow and strengthen our presence on a global scale.” The sum of the investment was not disclosed.
The brand plans to open 10 stores in the next five years, growing its footprint after winning wholesale accounts with retailers such as Net-a-Porter and Saks. The brand, which has become known for its “cool girl” approach to quiet luxury, hosted an intimate Autumn/Winter 2023 show at the new Manhattan store to boost its profile. The brand says no further details on plans for the capital are available at this time.
“In partnership with Cate, we accomplished the extremely audacious goal of building the foremost American luxury brand,” said Adam Pritzker, chairman of Assembled Brands, which provides capital to emerging brands and has backed Khaite since launch. “The next stage of investment will further accelerate Khaite’s expansion and ensure greater visibility for an already iconic brand that is redefining American luxury.”
The brand has consistently generated buzz since its 2016 founding, and in September, Holstein was named the CFDA Womenswear Designer of the Year. Her most recent collection made an impression as part of New York Fashion Week’s “new Establishment” and was one of the more noteworthy collections for Jodi Kahn, vice president of luxury fashion for Neiman Marcus, who told Vogue Business that its outwear was a standout.
It’s a standout amongst the growth of many US luxury brands slowing amidst an uncertain macroeconomic environment and volatile consumer sentiment, resulting in conservative outlooks for the forthcoming financial year. Khaite, on the other hand, has garnered over $100 million in revenue, and growth is up triple digits year-on-year, according to WWD.
“Khaite is an extraordinary brand rooted in product quality and taste,” states Ken Fox, founder and partner at Stripes, which has funded entities such as Refinery 29, Reformation and Erewhon in the past. “We are excited to build from this tremendous foundation to support the team in scaling a global luxury house.”
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