Private equity firm Permira Advisers is to acquire a majority stake in US ethical clothing brand Reformation.
Founded in Los Angeles in 2009, sales are expected to hit $150m (£118m) at the retailer this year.
Founder Yael Aflalo will remain chief executive and a significant shareholder of the company, and Hali Borenstein will remain president.
Reformation has 14 US stores and launched in Selfridges in the UK this summer.
“I founded Reformation with the vision of creating a brand that appeals to fashionable consumers, but doesn’t destroy the planet. By incorporating better practices throughout our supply chain, we are able to create beautiful clothes at a fraction of the environmental impact of conventional fashion,” said Aflalo, Reformation Founder and CEO.
“When we met with the Permira team, it was clear that they shared our commitment to sustainability, and have a strong understanding of how to best navigate the complex and rapidly changing consumer market. Permira’s global consumer and retail expertise is invaluable as we embark on this next chapter of growth. Their partnership allows us to expand our business domestically and internationally and launch into new product categories, taking us one step closer to our mission of bringing sustainable fashion to everyone.”
Permira Principal David Brisske added: “Uniquely positioned at the intersection of fashion and sustainability, Reformation authentically speaks to today’s consumer. Yael has done an incredible job building a brand and a company with a clear mission, beautiful products and a loyal following. It’s rare for a business to have both tremendous brand strength and first-rate omnichannel capabilities, as Reformation has. We are thrilled to support Yael and Hali as they continue to grow Reformation in the U.S. and abroad.”
Permira has backed many fashion brands including Hugo Boss, Valentino and Dr. Martens.