Knot Standard gains minority investment from Provenance
New York-based omnichannel custom menswear brand Knot Standard announced on Monday that it has received a significant minority investment from LA-based growth equity investment firm Provenance and has plans to expand.
As part of the deal, Provenance will also join Knot Standard’s Board of Directors in order to support the growing company.
Founded by John Ballay and Matt Mueller in Dubai in 2010, Knot Standard is currently headquartered in NYC and operates locations in seven cities across the US: New York, Chicago, Washington DC, San Francisco, Dallas, Austin, and Houston.
The company offers high-end bespoke men’s apparel including suits, blazers, shirts, trousers and casual wear. It has developed a range of processes to create a “digital bespoke” experience, which, the company claims, produces a superior product to more traditional made-to-measure services currently on the market.
“Knot Standard created an extraordinarily loyal and valuable customer following in the premium/luxury segment of custom men's apparel, with a true omnichannel system and culture,” said Provenance founder Anthony Choe in a release. “We're proud to partner with the company to replicate their success in other markets throughout the country.”
“Provenance brings tremendous insight as we embark on the next level of growth,” added Knot Standard CEO and co-founder John Ballay. “Their approach to create value through customer analytics is unparalleled in the investment community.”
As the US menswear sector continues to grow, a number of technology-savvy bespoke apparel brands have been carving out a profitable niche for themselves over the past few months. Alton Lane, for example – another bespoke service betting on hi-tech customization equipment –, announced the opening of its second New York flagship in March, its thirteenth US location overall.
Elsewhere, online-first Vancouver-based Indochino received a strategic investment from Mitsui USA in February and is currently drawing up plans for further North American expansion.
Perkins Coie LLP represented Provenance in the transaction with Knot Standard, and the company was advised by Rendersi LLC, with legal advice provided by Faegre BD LLP.
Further details concerning the investment were not revealed.
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