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Abbot K interior-2


has sold a stake to Snow Phipps

Velvet is a leading contemporary apparel business known for their signature brand “Velvet by Graham and Spencer.” Co-founded in 1977 by design partners Jenny Graham and Toni Spencer and CEO Henry Hirschowitz as an aspiration to create a fashion forward T-shirt that embodies the laid-back California attitude. Today the brand has evolved into full collections recognized for their meticulously crafted, clean staples for both men and women.

Headquartered in Los Angeles, Velvet has retail stores in the U.S. and in the U.K., along with a fast growing e-commerce site and a strong presence through premium department stores and high-end specialty stores both in the U.S. and abroad. The brand has attracted trendsetters since its inception and has collaborated with in the past with supermodels and celebrities. 

Velvet selected The Sage Group to explore M&A opportunities in the market. In 2011, the Company received a growth investment from Snow Phipps Group, a leading middle-market private equity firm in New York. The founders, along with the entire senior management team, will remain with Velvet.