It has been reported that investment business the Lewis Trust Group has purchased a “significant” stake in Mint Velvet, the womenswear retailer, although the actual amount was unspecified.
The group, which also founded popular fashion brand River Island, reportedly plans to open 20 stores in the next three years and to also expand its online business.
As it stands, the womenswear retailer already works in 92 concessions including House of Fraser, Fenwick and John Lewis, as well as 28 standalone stores. Mint Velvet is also successful internationally, opening its first full store in Switzerland earlier this year.
Liz Houghton, CEO and co-founder of Mint Velvet, said: “Our growth has been phenomenal since we had the idea around my kitchen table six years ago and the significant stake taken by LTG will enhance our ability to expand in the UK and into new international markets,” adding “as retail experts, with the same supportive and passionate culture as Mint Velvet, LTG is the ideal partner to enable us to fulfil our growth ambitions for the Mint Velvet brand over the coming years.”
To continue the success, Mint Velvet has had a profitable year, seeing a 31% increase in sales to £63.1million ending 30th April 2015.
