French luxury group Kering is buying a stake in German fashion brand Tomas Maier. They will create a joint venture in order to further develop the German developer’s brand.
Expansion into a lifestyle brand
According to WWD.com, Kering is making a sizeable investment in Tomas Maier to help expand the brand. Currently Tomas Maier is mostly known for its swimwear, but Kering aims to expand it into a lifestyle brand.
Maier, founded in 1997, currently has two own stores in the United States, with another several hundred boutiques and warehouses selling the brand’s products. On a yearly basis, Tomas Maier is believed to have some 10 million euro in turnover.
The designer himself has been working for Bottega Veneta since 2001, currently as its creative director. He has been doing a successful job, as the brand’s popularity has increased considerably over the past few years.
(Translated by Gary Peeters)