Palladin Consumer Retail Partners has made a majority investment in luxury shoemaker Harrys of London. Jennifer Moores, one of the founding shareholders of Harrys, is participating in the investment as are other founding shareholders. The existing senior management team of Harrys – led by Marty Wikstrom, Chairman, and Kevin Martel, Creative Director – will remain significant shareholders.
Harrys of London is a luxury shoemaker and accessories company. The company’s products are sold in retail stores in the UK, UAE, Kuwait and Japan, online and in department stores and specialty retailers in more than 20 countries. Harrys of London is headquartered in the Belgravia district of London (www.harrysoflondon.com).
The Palladin investment will provide Harrys with capital to expand its operating team, open additional retail stores and invest in new initiatives to fund growth including marketing, merchandising, product development, e-commerce and m-commerce.
“We have been discussing making an investment in Harrys for some time in order to establish a new high end footwear and accessories platform,” said Mark Schwartz, CEO of Palladin. “The company has a very loyal following, a great brand name and, under the creative direction of Kevin Martel, developed an exceptional product line that spans several different categories – dress, work, and casual footwear, as well as accessories.”
Palladin Consumer Retail Partners, previously known as Palladin Capital Group, invests exclusively in retail and consumer products companies in North America and Europe that have revenues ranging from $50 million to $500 million. Palladin invests from $10 million to $50 million of equity capital in each transaction. Palladin is investing out of its current fund which was closed in April 2012. The firm was founded in 1998 and is based in Boston (www.pcrp.com). Current and former investments include Aerosoles, InMotion Entertainment, Nic + Zoe, J. McLaughlin, KT Tape, Things Remembered, Restoration Hardware, Spencer Gifts, Andrew Marc, and Party America.
“The Palladin team brings a wealth of experience in footwear and growing consumer brands. Their expertise, support and leadership will provide creative insights and operational improvements that will be instrumental in capitalizing on the strength of the Harrys of London brand as we bring the company to the next level of development,” said Marty Wikstrom, Chairman.
Palladin’s principals have previously held CEO and other senior executive roles at several wholesale, retail, and related companies including Arnotts (Ireland), Gordon Brothers, Nine West, Jones, Holt Renfrew, Escada, QVC Networks and Bloomingdales.
“We look forward to using our contacts and expertise to partner with Harrys through what promises to be an exciting period of growth and development,” said Caryn Lerner, Operating Partner of Palladin. “The Harrys’ team members have built a company known for innovation, technology, design and quality. We intend to build on the company’s product resources as we work more closely with our retail partners and enhance the customer experience in every distribution channel – retail, wholesale, e-commerce and m-commerce.”
William Blair provided financial advice to Harrys and legal advice was provided by Taylor Wessing. Latham & Watkins acted as legal advisor to Palladin.
2014 PEPD • Private Equity’s Leading News Magazine • 10-22-14
