Exclusive: Emma and Jens Grede, Von Furstenbergs Invest in The Elder Statesman

Emma and Jens Grede, the entrepreneurs behind Skims and different manufacturers, have acquired a minority stake in The Elder Statesman, the Los Angeles-based luxurious knitwear label based by Greg Chait.

The deal will present an infusion of money and operational knowhow to a enterprise that has constructed a world clientele for its vibrant, generally bordering on psychedelic cashmere and residential items, however has traditionally operated on a small scale.

The Gredes’ stake was acquired by Well-liked Tradition, their household workplace, and was accompanied by an funding from the Von Furstenberg household, in line with a press release from The Elder Statesman. Monetary phrases weren’t disclosed, although the model described each stakes as “important minority investments.”

That money will go in direction of opening shops in additional worldwide markets, and getting into new classes, in line with a press release from the corporate. Chait’s designs are primarily bought wholesale by retailers reminiscent of Bergdorf Goodman and Elyse Walker in addition to its personal web site; the model has only one everlasting retailer, in West Hollywood, California, with a second slated to open in New York later this 12 months.

Chait will keep on as chief govt and chief artistic officer, whereas the Gredes are approaching board as owner-operators, and might be enjoying a big function in strategic decision-making in areas starting from merchandising to advertising, an individual aware of the deal mentioned.

“A paradigm shift is what was referred to as for and with the Gredes’ experience and the Von Furstenbergs’ assist I’m excited for this subsequent chapter,” Chait mentioned in a press release. “The world is a wild place for the time being, however Jens and Emma have an uncanny means to see by the matrix.”

The Gredes have launched and scaled a slew of fashion brands, with Jens co-founding the denim label Body with Erik Torstensson in 2012 and Emma launching the plus-sized denim line Good American with Khloé Kardashian in 2016.

Nevertheless it’s their work on Skims, the shapewear model they began with Kim Kardashian, that cemented their repute for having a golden contact in retail. Based in 2019, Skims rapidly emerged as a challenger to Victoria’s Secret with a tackle intimates that was without delay sexy, aspirational and inclusive. The model was reportedly valued at $4 billion final 12 months, when internet gross sales had been projected to succeed in $750 million. An preliminary public providing is rumoured to be within the works.

The Elder Statesman is a great distance from hitting these heights. However these are good instances to be within the enterprise of $255 cashmere socks and $2,000 cardigans. “Quiet luxurious” manufacturers reminiscent of Loro Piana and Brunello Cucinelli are thriving. Whereas maybe greatest identified for its daring sweaters, The Elder Statesman has one foot within the stealth wealth house as properly, together with a collaboration with Zegna final 12 months.

“Greg has constructed a model that’s acknowledged for its inimitable aesthetic the world over,” Jens Grede mentioned in a press release. “We’re proud to be Greg’s associate as he eyes this subsequent chapter of his firm’s progress into a worldwide luxurious model.”