The investment firm has acquired a minority stake in the New York brand created by Jack McCollough and Lazaro Hernandez. The agreement is accompanied by the appointment of Ron Frasch as the new interim CEO.
Some of Hong Kong's biggest retailers have closed stores and frozen expansion plans in the past year in response to a drop in the number and spending power of their main customers, mainland Chinese tourists.
H&M celebrated the grand opening of the Swedish retailer's new flagship in NYC on Wednesday with the musician as a special guest. 1,500 shoppers and music fans gathered at the store at One Herald Square.