Dive Brief:
- Rowing Blazers sold a majority stake in its business to venture firm Burch Creative Capital, according to a news release shared with Fashion Dive.
- Under the deal, Tom Vellios, co-founder of discount retailer Five Below, and Jason Epstein, partner at private equity firm Stonecourt Capital, are co-investing with BCC, whose other holdings include Tory Burch and Staud. Financial terms of the deal weren’t disclosed.
- Rowing Blazers’ founder Jack Carlson will remain with the company as creative director. The company said the deal will allow Rowing Blazers to hire new positions, develop its womenswear line and grow its retail footprint.
Dive Insight:
Carlson, a former U.S. rowing team member, launched New York-based Rowing Blazers in 2017 with David Rosenzweig. Rosenzweig is staying with the company as director of strategy, a role in which he will focus on the brand’s partnerships and collaborations. The brand previously inked several high-profile partnerships, including collections with Target, Hunter Boots and Italian luxury house Gucci.
Along with the sale, the company named Grant Simm as its first CFO. Simm was previously CFO of Aimé Leon Dore.
“This partnership will allow us to do things we couldn’t do previously; it will also allow us to reach new people, and to provide better service and even better products to our existing community,” Carlson said in the release. “I’m especially excited about developing women’s. The demand is there, and I’ve seen how successful we’ve been with our women’s sheep sweater and our women’s collection for Target.”
In the release, Burch said he was certain the team could turn Rowing Blazers into a global brand.
