US-based men's accessories retailer Hook & Albert has divested its business to Detail Provisions (DPC) for an undisclosed amount.
The acquisition is the first for DPC, a multi-brand men's accessories platform established to support emerging brands and designers with strategic capital and infrastructure led by Paul Song.
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Hook & Albert founders Adam Schoenberg and Cory Rosenberg will be retained as the chief executive officers of their brand, and its operations will remain in Los Angeles and New York City.
Song said: "Creating a brand that rises above the fold is a major accomplishment. Continuing that growth provides a whole new set of challenges.
"The objective of Detail Provisions is to strategically support talented designers, with operational excellence, industry expertise, and capital."
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DPC will offer financial infrastructure, fulfillment capabilities, and sales and support for Hook & Albert, which will be operationally independent.
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By GlobalDataThe firm also expects that the capital, strategy and operational framework provided will alter the growth of the brands from reactionary to proactive.
DPC intends to further acquire brands across jewellery, household goods, cosmetics and footwear, which focus on both short and long-term success.
Founded in 2011, Hook & Albert offers men's accessories through its website and partner retailers in the US, Canada and Asia.
