Premium womenswear brand The Fold has sold a “significant” stake to Active Private Equity to fuel expansion in the UK and abroad.
Richard Sims, who was a founder investor in womenswear retailer Mint Velvet, has also invested an undisclosed amount in The Fold and has been made chairman.
The Fold was founded in 2012 and sells formal workwear online and through its showroom in Clerkenwell, London. Its dresses retail for upwards of £250 and are designed and made in London.
It now plans to open more showrooms in the UK, as well as expanding abroad.
Active has previously backed cycling clothing brand Rapha and surfwear label Finisterre, as well as Soho House. It did not disclose how much it has invested, but it is thought to be between £1m and £2m, according to The Telegraph.
The brand’s founder Polly McMaster said: “With Active, we have found the perfect likeminded partner to realise our potential in becoming the leading lifestyle brand for the professional woman.”
Nick Evans, partner at Active, said: “At Active we are always looking to invest in talented and ambitious entrepreneurs like Polly. We like brands that standout, that innovate in product and proposition and that are re-defining their consumer sectors.
”We have been extremely impressed by Polly’s sharp focus on her customer and community, and The Fold’s rapid progress to date. She is meeting a clear demand with a modern brand, modern product and content and a very modern business model.”