opens its capital to Megha Mittal and MH Luxe Peter Pilotto
Mar 26, 2015
Peter Pilotto has opened its capital to investors to accelerate its growth. The London-based luxury ready-to-wear brand, founded in 2007 by design duo Peter Pilotto and Christopher De Vos, has ceded a minority share of its capital to Megha Mittal and MH Luxe Ltd, it announced in a press release without divulging any further information, neither on the amount of the operation, nor on the extent of the planned involvement of the new shareholders, which will be rather substantial, according to some indiscreet sources.
This decision can be explained by the two designers’ desire to “pursue the company’s growth by concentrating on their retail and digital presence.” They also plan to recruit a Managing Director and make several key strategic hires, the house said in a press release. Indeed, the move will make it possible to bring new resources to the young brand with, notably, the opening of monobrand stores.
Megha Mittal is the daughter-in-law of Lakshmi Mittal, the CEO and principal shareholder of ArcelorMittal, the world’s largest steel producer. After studying at America’s Wharton University and a short financial career at Goldman Sachs, this London-based Indian entrepreneur changed direction towards the fashion world in 2009 by purchasing German ready-to-wear brand Escada, when it was failing, of which she is now the president.
MH Luxe is a private investment firm which is also already active in the world of fashion with various involvements, notable a minority investment in 2014 in the brand from young Columbian-born, American-raised prodigy Esteban Cortazar.
"We hope to further establish our image as a global brand,
that is representative of incredible craft and technical innovation and we felt
that these were the right people to help us to do this," said Peter Pilotto.
The Peter Pilotto fashion house, which has been walking the runway at London Fashion Week since September 2008, has turned itself into a specialist in bold and architectural prints. The duo, who met at the Antwerp Royal Academy of Fine Arts, last year won the prestigious British Fashion Council/VOGUE Fashion Fund award in 2009 they received the Swarovski award for “Emerging Talent: Womenswear” in the framework of the British Fashion Awards.
Based in London, between the two of them these two cosmopolitan designers boast Austrian, Peruvian, Italian and Belgian origins. Their clothes are sold by over 200 retailers in 50 countries and their revenue is estimated at between 15 and 20 million dollars.
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