Womenswear brand Finery London is undergoing a reorganisation and gearing up to expand after receiving investment from fashion entrepreneur Touker Suleyman, Drapers can reveal.
Suleyman, who owns Jermyn Street shirtmaker Hawes & Curtis, womenswear brand Ghost and manufacturing business Low Profile as part of a wider business portfolio, has taken a minority stake in Finery.
The investment is both financial and strategic: Finery is reviewing its supply chain with a view to simplifying it and building deeper partnerships with key suppliers, such as Low Profile. Drapers understands the aim is to deliver quality improvements and cost efficiencies.
In an effort to streamline its processes, Finery has made its seven-strong buying team redundant. There are no plans to axe jobs in the design or creative teams.
Drapers understands Finery, which now employs 25 people on a permanent basis, is considering the role in-house buyers may play in the future. However, it is not currently recruiting to any positions.
Last week, the brand announced that head of design Emma Farrow has been promoted to the role of creative director. She will be responsible for overseeing the design team and all product categories. Finery’s co-founder Caren Downie has stepped down as brand director.
Nickyl Raithatha and Emma Farrow
Finery launched in 2015 with global distribution deals and financing from Rocket Internet-backed Global Fashion Group, which remains a minority investor.
The brand, which trades online and is stocked in John Lewis and Brown Thomas, made sales of £5m in its first year of trading, to 31 January 2016. It has not released its profit or loss figures.
Finery chief executive Nickyl Raithatha said: “As we enter what I consider to be the second phase of Finery’s life as a label, Touker’s investment allows us to explore news ways of supplying what we firmly believe is the most exciting product on the British high street.”
Suleyman added: “I’m incredibly proud to be associated with such an exceptional brand. We’re keenly aware of how well loved this label is, by both the industry and consumer. I can see Finery going from strength to strength.”