BILLY REID ACQUIRES KNOT STANDARD'S DTC BUSINESS, EXPANDING MADE TO MEASURE
The Alabama-based fashion house will take over Knot Standard's retail business, generating an influx of capital and fueling expansion
FLORENCE, Ala., April 11, 2024 /PRNewswire/ -- Billy Reid Inc., an American fashion house, announced today its acquisition of the direct-to-consumer arm of premium made-to-measure company, Knot Standard LLC. The transaction will enable Billy Reid to take over eight Knot Standard retail store locations, and make made-to-measure available alongside Billy Reid ready-to-wear across a total of 20 locations. Subsequently, Knot Standard will become a minority shareholder in the combined business under the Billy Reid name.
"Our shared passion of well-designed product, customer service and strong company culture is at the cornerstone of what makes this a truly exciting opportunity. I am excited to deepen our product offering, allowing us to service our customers through increased made-to-measure capacities and increasing our overall brand awareness." – Billy Reid, Founder of Billy Reid.
Billy Reid, which previously had a successful made-to-measure business before discontinuing it during COVID, saw a significant opportunity to expand this sector of the business and sought a partner to relaunch, landing on Knot Standard as the ideal partner. The acquisition follows a commercial partnership between the two brands which was formally instated in 2023, with Knot Standard supporting made-to-measure in Billy Reid stores.
In Q3 of 2023, Billy Reid targeted Knot Standard investors as part of a capital raise. During capital raise discussions, the investor proposed the acquisition to Billy Reid, seeing an opportunity for the businesses to join forces. Knot Standard expressed interest in Billy Reid taking over the direct-to-consumer portion of the business
"We're excited to build upon our already existing partnership with Knot Standard and begin working directly with their eight locations. We were initially attracted to the product quality, similar customer and unique business model, all of which complement the Billy Reid business and will create a stronger consumer offering than each brand could have achieved alone." – Jeff Zens, CEO of Billy Reid.
Billy Reid Inc. has acquired Knot Standard's retail and online DTC business, including their 8 stores (NYC, Chicago, Los Angeles, San Francisco, DC, Houston, Dallas and Austin), sales associates and retail management team. The combined business will leverage existing Billy Reid management, operational expertise, and brand engine to grow the business. Knot Standard will shift its focus to the brand's AI-powered tech platform. Knot Standard's tech business will remain a separate entity, servicing Billy Reid among other brands, and will continue to be sold in Nordstrom stores.
"Joining with Billy Reid represents more than a business decision; it's a fusion of craftsmanship and innovation. As CEO of Knot Standard, I am incredibly proud to bring our cutting-edge, AI-driven custom menswear and womenswear to Billy Reid's esteemed clientele and iconic brand. Our combined strengths will not only elevate the made-to-measure experience but also expand our reach, bringing exceptional quality and personalization to more people across the nation." – Matt Mueller, CEO of Knot Standard
Billy Reid is known for making built-to-last clothing that celebrates craftsmanship. The Alabama-based luxury designer has long been respected for his ingenuity in design, receiving four CFDA awards in the first 11 years of business, which was founded in 2001 as William Reid.
Knot Standard's premium, bespoke approach is well-aligned with Billy Reid's DNA. The two brands share numerous synergies, including price point, product quality, retail and real estate footprint and marketing pool.
The acquisition is an opportunity for Billy Reid, himself, to apply his editorial, fashion-forward designs to a bespoke model, catering to a wider audience. The combined business will fuel more rapid Billy Reid brand growth, with an influx of capital from new investors and an attractive proposition for potential investors.
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ABOUT BILLY REID
Nearly two decades ago, multi-CFDA award-winning Billy Reid launched his namesake line in the unassuming birthplace of Florence, Alabama. Born and raised in Louisiana, Billy's return to the South, after years spent in New York and beyond, was an unconventional decision for some. But Billy did it anyway; he did it his way and never looked back. Never compromising on craftsmanship - our men's and womenswear pieces are enduring classics, thoughtfully designed so no detail, even the smallest, goes unnoticed. Our clothes are meant to be lived in, much like our shops. Across the country, our doors are open, drinks are flowing, and music is playing. Rooted in Billy's people-first upbringing, our shops are a place for gathering, and with a desire to unite communities through his love of style, music, food, sports, and art - he has gathered all sorts of folks together. Billy Reid defines what it means to lead a life well-lived through effortless style, designed to live. For further information, visit BillyReid.com.
ABOUT KNOT STANDARD
Founded in 2011, Knot Standard has redefined the custom clothing industry through its innovative use of technology. With a mission to make bespoke clothing accessible to everyone, Knot Standard combines traditional tailoring with modern software solutions to offer an unmatched custom clothing experience. The company's growth and success in the direct-to-consumer market, alongside its profitable retail and software divisions, demonstrate its influence and leadership in the global fashion industry.
SOURCE Billy Reid
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