UK high street fashion brand River Island has purchased UK fashion retailer Mint Velvet for a total consideration of more than £100m ($130.96m).

According to the Guardian, the total value of the deal will be shared among Mint Velvet co-founders Peter Davies, Liz Houghton and Lisa Agar-Rea, and River Island’s parent company Lewis Trust Group (LTG).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

LTG, which acquired a stake in Mint Velvet in 2015,  exercised an option to take control of the company last week.

“The new investment reflects LTG’s confidence in the business, brand and team at Mint Velvet.”

Houghton and Agar-Rea will continue operate Mint Velvet with Davies and chief operating officer Stuart Grant serving as non-executive directors.

Grant was quoted by Drapers Online as saying: “Following on from the initial investment in 2015, the Lewis Trust Group made a further investment in Mint Velvet last week.

“The new investment reflects LTG’s confidence in the business, brand and team at Mint Velvet. The brand continues to be run as an independent entity by co-founders Liz Houghton, CEO, and Lisa Agar-Rea, brand director.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Mint Velvet opened its first stores in Windsor and Chichester in 2009, and introduced its e-commerce platform in October 2009.

The company offers a range of fashion products for women and launched concessions stands in House of Fraser stores.

The fashion retailer also expanded into the UAE market by opening three stores, including in Dubai, in 2015. It also introduced the MV shopping app in 2017.

Mint Velvet was affected after department store chain House of Fraser, which owed it £2.5m, went into administration last year.