NEFFA | New Fashion Factory secures Seed funding, spearheaded by the Capricorn Industrial Biotech Fund


Dutch biotech innovator NEFFA (New Fashion Factory) proudly announces the successful closure of its seed funding round, signalling a significant milestone in its mission to revolutionize the fashion and interior industries through the use of innovative automated, seamless 3D manufacturing technology powered by circular lab-grown materials, including the revolutionary mushroom-based MYCOTEX.

Founded by Aniela Hoitink, NEFFA has attracted a prestigious consortium of investors, each bringing not only essential funding but also a wealth of industry expertise and influential connections, having extensive experience in biotechnology and fashion. This achievement also reaffirms the trust of NEFFA’s current investors, who share the vision of a brighter future for sustainable technology and materials.

The seed funding round was spearheaded by the Dutch Industrial Biotech Seed Fund (part of the Capricorn Industrial Biotech Fund) and is managed by the Cleantech Team of Capricorn Partners. Collaborating alongside are two of NEFFA’s existing institutional investors: the DOEN Foundation and ROM Utrecht Region. The final partner in this stellar consortium is PDS Ventures, a fashion-centric fund committed to fostering a sustainable value chain within the fashion industry.

Nicoline van Enter, Co-founder of NEFFA, underscores the alignment between the company’s mission and its investors:

  • NEFFA offers a holistic solution to the sustainability challenges faced by the fashion and interior industries. These sectors grapple not only with material concerns but also supply chain complexities. Our goal is to enable local, on-demand production with customization options and a robust end-of-life system. Having spent considerable time in the fashion industry ourselves, Aniela and I appreciate the multifaceted nature of these issues. Hence, our approach encompasses a full spectrum, from a digital 3D design system to lab-grown natural materials that can be home-composted, and a zero-waste robotic production line.”

NEFFA’s commitment to translating vision into action is evident through its partnership with German machine producer DESMA. Together, they have already conducted successful tests on a pioneering robotic production cell, leveraging technologies commonly found in current manufacturing processes. This strategic move ensures that NEFFA’s innovative system is primed for scalability. The newly secured capital will drive the development of this production line to pilot scale, while simultaneously enhancing the quality and versatility of NEFFA’s materials.

Aniela Hoitink highlights one of NEFFA’s unique advantages:

  • Distinguishing us from most competitors, we employ liquid biomass, enabling us to construct products in 3D. In the past year, our biochemistry lab has unearthed several promising material compositions previously unexplored, endowing our materials with unparalleled versatility and tactile qualities. The infusion of new funding will allow us to further refine and patent these groundbreaking innovations.”

The investment in NEFFA marks the first investment for the Dutch Industrial Biotech Seed Fund. As an early-stage Article 9 Fund, it invests in young ventures that use the power of industrial biotech to solve sustainability challenges.

Damien van der Bijl, Investment Director at Capricorn Partners:

  • We truly believe in the holistic approach of NEFFA to tackle the big sustainability challenges of the fashion industry, by offering a fully sustainable material, as well as reductions in waste and water usage. On top of that, the NEFFA method offers designers a whole new universe of possibilities in shapes, textures, and functionality. We really look forward to the exciting products that designers and brands will create with NEFFA!”.

NEFFA’s successful seed funding round not only marks a significant step forward for the company but also reaffirms the growing momentum of sustainable solutions within the fashion and interior industries. As NEFFA continues to push the boundaries of what’s possible, the global community can look forward to a more sustainable, customizable, and environmentally conscious future.

Categories: News


Veesual raises a $7.5 million Seed round


AI-Powered Virtual Try-On Technology Platform For The Fashion Industry Veesual Raises $7.5 Million, Announces US Expansion With New EILEEN FISHER Partnership

Investment for market leader of image generation technology for fashion brands and retailers in Europe will now support US customers looking to overcome inclusivity challenges

New York, NY—April 17, 2024—Veesual, a Paris-based virtual try-on platform for the fashion industry that revolutionizes the way online shoppers experience digital retail, today announced the closing of a $7.5 million dollar Seed round led by AVP (AXA Venture Partners) and Techstars. The investment will accelerate delivery of the company’s plans to expand into the US market by opening its first US-based office, recruiting senior US talent, enhancing its current product offering for US apparel companies and more. A cornerstone of Veesual’s US expansion is a new partnership with leading women’s fashion brand EILEEN FISHER. Under the terms of the collaboration, Veesual’s augmented shopping experiences powered by next-generation virtual try-on technology have been integrated into the EILEEN FISHER online shopping experience.

Founded in 2020, Veesual is on a mission to transform the online shopping experience for all customers, independent of style, fit and fashion preferences. Through its Augmented Shopping solutions Mix&Match, Switch Model and Look Inspiration, Veesual’s proprietary 2D-based Image Generation Engine (IGT) was designed specifically for fashion brands to deliver high-quality imagery at scale, and to be able to adapt several pieces of clothing on any model, with natural renderings and precise fitting. Veesual works with leading brands and retailers in Europe including premium (Claudie Pierlot), kids fashion (Sergent Major and DPAM), and popular fashion (La Redoute and Gemo).

While brands are working to reflect diversity for e-commerce shoppers by featuring models of different ethnicities, ages and body types, it can be extremely costly to shoot individual products on various models. Veesual’s Switch Model experience allows customers to choose a model they identify with while simultaneously accelerating online sales and reducing returns for brands.

We are thrilled to be the first US brand to partner with Veesual on this innovative new virtual try-on tool,” notes Blair Silverman, Vice President of E-commerce at EILEEN FISHER. “EILEEN FISHER is committed to inclusivity, designing clothes that cater to every body shape. Navigating online shopping poses challenges, particularly in predicting how garments fit diverse body types. Our collaboration with Veesual addresses these challenges head-on and we are proud to be launching a tool that is sure to be a new standard for e-commerce.

While 3D-based try-on technology can be expensive and time-consuming, 2D image solutions offer a scalable and cost-effective solution for brands that engage shoppers. According to recent data published by Insider Intelligence, by 2026 e-commerce is expected to total over $8.1 trillion and 24% of retail purchases are expected to take place online. Veesual enables brands to create a more seamless and inclusive shopping experience for customers and in turn, yield higher sales and a lower return rate, allowing them to capture a larger percentage of online sales.

We are proud to invest in Veesual, in order to accelerate its commercial roll-out and pursue its technological developments, as well as its international expansion,” said François Robinet, Managing Partner of AVP. “We believe in Maxime and his team’s vision. They have demonstrated a strong ability to execute and understand market challenges by offering fashion brands solutions to optimize their customer experience. With a presence on both sides of the Atlantic, AVP’s teams will be able to support Veesual in the next stages of its development.

To support aggressive growth in the US, Veesual is working to recruit more senior talent and will open its first US office in New York in 2025. In addition to e-commerce, Veesual aims to create value for brands by displaying generated images on their acquisition and retargeting channels.

“The global fashion ecosystem is undergoing a seismic shift right now. The industry is increasingly focused on sustainable production, a better, more relevant buying experience and upcycling as a new standard. At Veesual, we’re meeting those changes by drastically improving how shoppers buy online which creates a more inclusive retail experience while also improving fit and reducing waste,” said Veesual Co-Founder and CEO, Maxime Patte. “This fundraise is critical for our plans as we scale in the United States with brands who are pioneering the augmented shopping experience. We anticipate significant growth in 2024 and beyond.

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. AVP operates under AXA IM- Alts, the alternative investment business unit of AXA IM.

For more information, visit
Contact: Sébastien Loubry, Partner Business development (

About Veesual

Founded in 2020, Veesual was developed when co-founders Maxime Patte and Damien Meurisse recognized the limited means of fashion brands to visually engage diverse customers online. The platform offers solutions that leverage the power of images to create inclusive experiences that engage all customers. Globally, brands including Claudie Pierlot, Sergeant Major and La Redoute use Veesual. To date, these partnerships have outperformed expectations, with a 75% average increase in conversation rate and a more than 20% increase in average order value for shoppers who engaged with one of Veesual’s solutions. Veesual, a Techstars portfolio company, was part of Station F’s Founders program and has raised $7.5M to date. For more information, please visit


EILEEN FISHER has been making a system of simple, timeless clothes for nearly 40 years. A socially conscious company, EILEEN FISHER designs its clothing to be part of a responsible lifecycle, starting with sustainable materials, then taking back its clothes to be resold (Renew) or remade into something entirely new (Waste No More). The company became a B Corp in 2016, which means it voluntarily meets high criteria for social and environmental performance, accountability and transparency. The company’s clothes are sold online at, in more than 50 EILEEN FISHER stores in North America and over 500 department and specialty stores globally. Good-as-new pieces are resold at, in two EILEEN FISHER Renew stores, and select EILEEN FISHER retail stores nationwide.

Media Contact

Courtney Page
Rally Point PR

Knitwell Group adds Chico’S, White House Black Market and Soma


Company is now a $6 billion Powerhouse in the Women’s Specialty Retail Apparel Space

NEW YORK, Jan. 5, 2024 /PRNewswire/ — KnitWell Group (“KnitWell”), a company comprising industry-leading apparel brands Ann Taylor, LOFT, and Talbots, today announced it has added Chico’s, White House Black Market and Soma to its portfolio. KnitWell also provides oversight and shared services to Lane Bryant, a leading plus-size women’s apparel brand. This combination follows the sale of Chico’s FAS to Sycamore Partners, a leading private equity firm specializing in consumer, distribution, and retail-related investments.

NEW YORK, Jan. 5, 2024 /PRNewswire/ — KnitWell Group (“KnitWell”), a company comprising industry-leading apparel brands Ann Taylor, LOFT, and Talbots, today announced it has added Chico’s, White House Black Market and Soma to its portfolio. KnitWell also provides oversight and shared services to Lane Bryant, a leading plus-size women’s apparel brand. This combination follows the sale of Chico’s FAS to Sycamore Partners, a leading private equity firm specializing in consumer, distribution, and retail-related investments.

“KnitWell is a best-in-class operating enterprise in the world of vertical specialty retail, comprising some of America’s most iconic brands, committed to instilling confidence in the women they serve,” said Lizanne Kindler, Executive Chair and Chief Executive Officer of KnitWell Group. “Chico’s, White House Black Market and Soma fit perfectly into the portfolio as established and inspiring brands that generate sustainable, high-quality results. We are thrilled to welcome these brands, their more than 14,000 associates and their customers to the KnitWell family.”

With the addition of Chico’s, White House Black Market and Soma, KnitWell’s brands generate approximately $6 billion in annual sales, further solidifying its position as one of the largest specialty apparel companies in the United States.

Adds Ms. Kindler, “There is so much opportunity that comes with being part of this larger family of brands in terms of sharing best practices, innovation, and an incredible runway for growth and development, as well as efficiencies and leverage that come from size and scale with eight of the best retail apparel brands in the country. This is a great day and we cannot wait to get started.”


Sycamore Partners

Michael Freitag or Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher

Categories: News


KKR Leads US$190 million Series C Round in Leading Korean Online Platform MUSINSA


ransaction includes participation from Wellington Management

SEOUL, South Korea–(BUSINESS WIRE)– MUSINSA, an online fashion platform in South Korea, and KKR, a leading global investment firm, today announced the signing of definitive agreements under which funds managed by KKR will lead the US$190 million Series C fundraise of MUSINSA (the “Company”), with participation from Wellington Management, one of the world’s largest independent investment management firms.

This press release features multimedia. View the full release here:

Founded in 2001 as an online sneaker community, MUSINSA is today an online fashion marketplace in South Korea that features more than 8,000 local and foreign designer brands and an in-house brand (musinsa standard), anchoring the creator economy for fashion in South Korea. Over the years, MUSINSA has expanded to include a comprehensive ecosystem including communities, a brand incubator (MUSINSA PARTNERS), a direct-to-consumer brand operator, and an offline multicultural lounge (musinsa terrace) that allows for offline interactions with its customers and provides online-based fashion brands with a physical space for pop-up stores. In 2023, Fast Company named MUSINSA as among the “10 most innovative Asia Pacific companies of 2023” for “globalizing K-fashion.”1

This transaction marks KKR’s first technology growth investment in Korea as part of its Asia Next Generation Technology (“NGT”) strategy, which seeks to support the growth of innovative, disruptive companies in Asia Pacific across key themes, including software, consumer technology and FinTech.

Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said, “MUSINSA has developed itself as a top consumer Internet platform in Korea and a differentiated marketplace by its ability to scale rising brands, enable the creator economy for fashion, engage and provide a high-quality e-commerce experience for customers. We see enormous opportunity for MUSINSA to build on its leading position in a fast-growing K-fashion market that continues to shift online and expand globally on the back of K-culture’s explosive reach. We are excited to partner with the management team and look to leverage KKR’s global network, operational expertise, and deep technology experience to take MUSINSA to its next phase of growth.”

Munil Han, CEO of MUSINSA, said, “We are delighted to welcome global investors of KKR and Wellington’s caliber, which we see as a recognition of the quality of MUSINSA’s platform, and the potential of the Korean online fashion market. With this latest investment, MUSINSA looks to continue scaling our platform and creating new standards of success in the online and offline markets with domestic and foreign brands.”

This Series C is the Company’s third fundraise and follows its successful KRW 130 billion won Series B round in 2021 and KRW 100 billion won Series A round in 2019.

KKR makes its investment as part of its Asia NGT strategy and from funds managed by KKR. Other investments from the strategy include Lenskart, an omni-channel eyewear retailer in India; Advanced Navigation, a developer of AI-powered robotics and navigation technology in Australia; Privy, a digital identity provider in Indonesia; GrowSari, a business-to-business e-commerce platform serving small-and-medium enterprises (“SMEs”) in the Philippines; KiotViet, a software platform for SMEs in Vietnam; and NetStars, the operator of Japan’s largest QR code payment gateway. Additional details of the transaction were not disclosed.


MUSINSA is one of the largest online and offline fashion business companies in Korea, and offers more than 8,000 domestic and foreign brands, including young casual, street, contemporary, formal, sports, and luxury, etc. The company has more than 13 million members and recorded annual GMV of more than KRW 3 trillion won (US$2.35 billion) as of 2022. MUSINSA strives to expand the diversity of the fashion ecosystem based on the core value that the success of partner brands is our success. The company operates a fashion-specialized venture capital subsidiary to energize new brands with great potential to take a step forward in growth. MUSINSA has a diverse business portfolio, including its core service Musinsa Store, online lifestyle select shop 29CM, online re-sell platform soldout, and in-house fashion brand musinsa standard. Currently, MUSINSA, which has unrivaled influence as the No. 1 in the online fashion market in Korea, is concentrating on strengthening its capabilities to exert itself in the offline fashion business as well. MUSINSA is also operating a ‘global store’ that is available in 13 overseas countries, including Asia, America, and Oceania, to help small and medium-sized Korean brands advance overseas and to provide a point of contact for meeting global customers who are interested in Korean fashion. Since investing in the Envisioning Climate Solution Fund, MUSINSA has continuously paid attention to various social issues, including climate change, and is concentrating on fulfilling its social responsibilities as Korea’s leading fashion company.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at and on Twitter @KKR_Co.

About Wellington Management
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1 trillion for clients, including pensions, endowments and foundations, insurers, and global wealth managers. Wellington offers investment solutions that span global equity, fixed income, currency, commodity, alternatives, and private markets. Wellington Private Investing has raised nearly US$8 billion in global assets and invests in early-stage venture through late-stage growth across multiple sectors (consumer, technology, health care, financial services, biotechnology, and climate technology) and geographies (Asia, Europe, and the Americas). The Private Investing Team leverages Wellington’s 1,000+ investment professionals around the world, combining deep private market experience with public market expertise, extensive networks, and robust research to benefit both investors and entrepreneurs. For more on Wellington Private Investing, please visit

1 Fast Company (February 2023). The 10 most innovative Asia-Pacific companies of 2023.


MUSINSA Public Relations Team
+82 10 8921 8381

For KKR:
Wei Jun Ong
+65 6922 5813

For Wellington Management:
Robyn Tice
617 289 6739

Source: KKR

Categories: News


Nordic Capital becomes owner of Ellos Group once again

Nordic Capital

Nordic Capital becomes owner of Ellos Group once again

June 30 2022

Nordic Capital becomes the new owner of FNG Nordic AB (Ellos Group), the Nordic region’s leading e-commerce group within home and fashion. With a profitable, long-term development and backed by a stable owner, Ellos Group is well positioned in the market to benefit from online growth and demand in the Nordics and elsewhere in Europe.

Ellos Group is on a growth journey with significant investments and progress made on the way to becoming the Nordic region’s leading e-commerce group within home and fashion. After several years of profitable growth, Ellos Group achieved sales of nearly SEK 3.6 billion in 2021. Today, Ellos Group has more than 2 million active and satisfied customers in the Nordics and across Europe.

Based on an ambitious growth strategy, Ellos Group has successfully expanded its well-invested and scalable e-commerce platform. In recent years, the company has expanded its attractive Jotex range of home furnishings into selected markets in Europe. The strategy was recently sharpened with greater focus on creating a more attractive, sustainable and broad-based fashion and home offering to core customers: women in mid-life.

Ellos Group was owned until 2019 by Nordic Capital, which then entered into an agreement to sell Ellos Group to FNG Nordic AB (publ), indirectly owned by the Belgian company FNG NV. Nordic Capital has been an indirect minority owner since the sale and has in the last three years continued to support Ellos Group’s development and progress.

As previously communicated, due to Ellos Group’s former owner filing a petition to commence insolvency proceedings in Belgium, Nordic Capital initiated a process in February 2022 to become the owner of the company. The ownership assessment required for Nordic Capital to regain ownership of Ellos Group has since been approved by the Swedish Financial Supervisory Authority.

“The news that Nordic Capital once again becomes Ellos Group’s owner is very positive. We know Nordic Capital well and look forward to working with them as owner. We are starting from a positive position having improved the customer experience, strengthened our operational capability and expanded in Europe in recent years. Our focused efforts have produced results. After several years of profitable growth, our annual sales are around SEK 3.6 billion. We successfully maintained last year’s high sales levels during the first months of this year. We are now looking ahead and are well positioned in the market to benefit from online growth and demand in the Nordics and elsewhere in Europe,” says Hans Ohlsson, CEO of Ellos Group.

“We are, and have always been, impressed by Ellos Group’s strategic position as a Nordic leader in its industry and by the performance of the management team, which has managed to strengthen the company in recent years and expand into strategically important new markets. By becoming owner, Nordic Capital commits, once again, to support the continued growth and success of Ellos Group,” says Robert Furuhjelm, Chairman of FNG Nordic and Partner, Nordic Capital Advisors.

As the new owner of the company, Nordic Capital will actively support Ellos Group in the forthcoming expansion phase. Focus is on continuing to grow the business in the Nordic home market and in selected markets in Europe.

As previously communicated, the existing financing remains in place. FNG Nordic’s bondholders previously approved a change to the terms of FNG Nordic’s bond loan, which rendered the transfer of ownership possible.

In conjunction with the change of ownership, FNG Nordic will change its name.

For more information:
Johan Stigson, CFO, Telephone. +46 (0)33 16 08 05

About Ellos Group 

The Ellos Group, which includes Ellos, Jotex, Stayhard, and Homeroom, is the Nordic region’s leading e-commerce group. Working closely with our millions of customers, we are constantly striving to develop and offer attractive and sustainable fashion and household items for the entire family. Our focus is always on the customer. We continuously work to develop our business through innovation, creativity, and sustainability. The Ellos Group, headquartered in Borås, and with operations in all Nordic countries and selected European markets, has around 600 employees and sales of around SEK 3.6 billion.

ACE Education acquires French fashion business school EIDM

  • Adds to ACE’s sports management, luxury hospitality management, arts and design verticals
  • Takes ACE to 30+ campuses and 5,000+ students in France and abroad
  • Next step in ACE and Oakley’s buy-and-build strategy

Oakley Capital (‘Oakley’), the pan-European private equity investor, is pleased to announce that portfolio company ACE Education Group (‘ACE’) has acquired EIDM, one of France’s leading Fashion Business & Styling schools.

Based in Paris, the fashion capital of the world, EIDM offers students a range of specialised programmes from Bachelor’s to Master’s, as well as recognised professional diplomas. The school enjoys strong growth, having quadrupled student enrolments over the last three years. EIDM’s unique network of partners and relationships across the industry enables students to pursue successful careers at home and internationally. Today, 85%(1) of EIDM students go on to secure a job in the industry after graduating, and EIDM alumni have worked at premier fashion houses including Jean Paul Gaultier, Versace and Dolce & Gabbana.

ACE is a diversified higher education group with over 30 campuses in France and abroad and over 5,000 students. The business operates under four brands: AMOS, the leading French sports management business school; ESBS, a sports management school based in Valencia, Spain; ESDAC, a leading French design school group; and CMH, a heritage international luxury hospitality & tourism school.

Oakley reinvested in the business in 2021 alongside Groupe Amaury and ACE’s founder Patrick Touati to benefit from the business’ strong future growth potential, from a rich pipeline of M&A opportunities, as well as from the significant strategic and commercial benefits Amaury can bring as a prominent stakeholder in the French sports industry.

The acquisition of EIDM will enable ACE to further diversify its business and train students in the business of Fashion and Luxury, a major industry in Europe with strong, long-term growth prospects.

ACE Education Group CEO Sylvestre Louis, said: “We are delighted to welcome EIDM to the ACE Education Group. There are many synergies with the other schools in the Group, particularly with our design school, ESDAC. It is also a real opportunity to support the growth of EIDM, which has increased its student population fourfold since 2018.”

Oakley Capital Founder and Managing Partner Peter Dubens said: “We’re pleased to see ACE deliver on its buy-and-build strategy as we further diversify and grow the business to become one of Europe’s leading higher education platforms. We continue to see strong demand for specialised higher education programmes, which ACE provides across its schools and campuses. Luxury & Fashion is an exciting vertical to add and neatly complements its existing specialisations such as arts & design.”

(1) In-house survey from 2018 to 2021

Categories: News


Pixelz’ management team partners with Adelis in growth buyout

Adelis Equity

In partnership with management, Adelis Equity Partners (“Adelis”) is aquiring Pixelz ApS (“Pixelz”) to further support the company’s evolution and growth journey. Current management-owners will continue in their roles and retain significant ownership going forward.

Pixelz is a leader in the image editing and retouching for the fashion industry and with its AI-powered visuals platform, Pixelz assists global brand owners, online retailers, and photo studios to optimize their online visuals, enabling a better online shopping experience which leads to increased online conversion success.

Pixelz was founded in 2011 and has pioneered a hybrid business model by combining automation and a strong operational culture in its delivery centers, together allowing Pixelz to create a unique and highly attractive position in the market for fashion image editing and retouching.

“Pixelz was seeking a partner to help accelerate its international growth and to support the continued development of its business model,” says Thomas Ladefoged, CEO of Pixelz.

”Pixelz has developed a leading platform and service offering within its niche, and we were impressed by the company’s management team and what they have been able to accomplish. We see exciting potential for both the continued roll-out of their current product offering as well as expansion of Pixelz’ business to include other visuals beyond images in the future,” says Joel Russ at Adelis.

Adelis will become majority owner in Pixelz, while management will continue to own a significant share of the company. Together, the parties expect to continue investing in an ambitious growth plan.

For further information:

Joel Russ, Adelis Equity Partners, +46 73 543 30 68,

Martin Welna, Adelis Equity Partners, +45 21 99 67 57,

Thomas Ladefoged, CEO, Pixelz, +45 20 26 50 22,

About Pixelz ApS

Pixelz is a leading provider of postproduction image editing and retouching services, their customers are predominantly global brand owners, online retailers, and photo studios and mainly within the fashion industry. Headquartered in Copenhagen, Denmark, Pixelz operates internationally with offices in the US, Germany, Spain, Netherlands, and production in Vietnam as well as an outsourcing center in Bangladesh. For more information, please visit

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 29 platform investments and more than 120 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information, please visit

Categories: News


SPANX, Inc. and Blackstone Close Majority Sale, Secure New Investors Including Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd

ATLANTA & NEW YORK – November 18, 2021 – SPANX, Inc., the mission-driven womenswear brand founded by Sara Blakely in 2000, today announced that funds managed by Blackstone (“Blackstone”), a leading global investment firm, have completed their previously announced majority investment in the business at a valuation of $1.2 billion. Additional new investors in SPANX participating in the closing include iconic female entrepreneurs Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd, as well as female-founded investment funds G9 Ventures, founded by Amy Griffin, and Able Partners.

SPANX was founded by Blakely 21 years ago when she took $5,000 in savings and set out to take on the male-dominated shapewear and undergarment industry. Blakely, who had never taken a business class in her life and was selling fax machines door to door at the time, wrote her own patent and invented the first SPANX undergarment in her apartment. Without ever taking any outside investment, she went on to turn SPANX into a global powerhouse that has changed the lives of women all over the world. Blakely has been named one of TIME magazine’s 100 Most Influential People in the world and was featured on the cover of Forbes magazine as the youngest self-made female billionaire. Through her personal foundation, Blakely has given millions of dollars to help elevate other women and in 2013 she signed the Giving Pledge, promising to donate half her wealth to philanthropy.

“I’m thrilled to welcome Oprah Winfrey, Reese Witherspoon, Whitney Wolfe Herd, G9 Ventures and Able Partners as investors of SPANX! This is an incredible, ‘pinch-me!’ full-circle moment because both Oprah and Reese have been longtime supporters of SPANX, and Whitney has been a gamechanger for women in business. Oprah was a big reason for SPANX’s early success when she named it one of her iconic ‘Favorite Things’ in 2000,” said Blakely, who now serves as Executive Chairwoman of SPANX. “To have the support of these smart, thoughtful, world-class female-founders who have also disrupted their industries to elevate and support women means everything. As we like to say at SPANX, ‘we’ve got your butt covered!’ With these new partnerships, that promise is as true as ever. I can’t wait to see what’s in store for the brand — and most importantly — for our customers.”

Oprah Winfrey said: “When Sara first came on The Oprah Show to tell us about her idea for SPANX, I knew it was brilliant. We’d all been cutting off our panty hose for years! So from the moment I wore my first pair, they became a staple in my wardrobe. It’s remarkable the business that Sara and her team have created, with the comfort and support of all women at the heart of their creations, and I’m happy to be part of the evolution.”

Reese Witherspoon, Founder of Hello Sunshine, said: “As a self-made founder who has built an absolute powerhouse of a brand, Sara is an inspiration to female entrepreneurs everywhere. In addition to developing a remarkable product and business that literally supports women every day, Sara has become a role model for leveraging your success to elevate other women. I’m so proud of Sara and the entire SPANX team, and I cannot wait to see what the future has in store for this incredible company.”

Ann Chung, Global Head of Consumer for Blackstone Growth (BXG), said: “Since creating the shapewear category more than two decades ago, Sara has built the company into a leading apparel brand and online force – and they’re just getting started. We’re so excited to partner with their team and this iconic group of co-investors to further accelerate the business’ growth through new product innovation, geographic expansion and continued digital transformation.”

As previously announced, Blackstone and SPANX intend to create an all-female SPANX board of directors, and Blackstone’s investment team for the transaction was all women. Blakely will continue to maintain a significant equity stake. Blakely, along with SPANX’s existing senior management team, will also continue to oversee daily operations.

Blackstone’s investment in SPANX, made through its Blackstone Growth (BXG) and Tactical Opportunities businesses, is the most recent example of a number of innovative female-founded companies the firm is proud to back. This includes in just the last two years Bumble, the online dating app where women make the first move founded by Whitney Wolfe Herd; Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon; Hotwire Communications, a leading provider of cutting-edge fiber-based telecommunication services co-founded by its CEO Kristin Johnson; GeoComply, a global leader in geolocation compliance technology, co-founded by its Chairman Anna Sainsbury; and Medable, a leading cloud platform for patient-centered clinical research, co-founded by Dr. Michelle Longmire. This is in addition to female-led technology businesses in which Blackstone has invested such as, Articulate and Ellucian.

SPANX was represented by Goldman & Sachs and Allen & Co. in the transaction, with legal representation from Cravath, Swaine and Moore. King & Spalding served as Blakely’s legal advisor. Blackstone’s financial advisor for the transaction was JPMorgan and legal advisor was Simpson Thacher & Bartlett LLP.


Founded by Sara Blakely in 2000, SPANX, Inc. is a dynamic women’s brand that has revolutionized an industry and changed the way women around the world get dressed. The mission of the brand is to make things better and more comfortable for women. Through tremendous consumer demand, the company has expanded into offering both innerwear solutions and figure-flattering outerwear, activewear and swimwear. SPANX is constantly identifying and solving problems from a women’s point of view. With smarter, more comfortable must-haves including leggings, denim, the Perfect Pants collection, activewear, intimates and innovative shapewear, SPANX elevates women through product and empowers them to look and feel their best. Further information is available at Follow SPANX on Facebook, Twitter and Instagram @SPANX.


Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at Follow Blackstone on Twitter @Blackstone.


Lauren Hauther
(470) 868-8492

Matt Anderson
(518) 248-7310


Mariel Seidman-Gati
(917) 698-1674

Categories: News


Mr Marvis takes the next step with Capital A


The Amsterdam based menswear brand Mr Marvis set-up a partnership with Capital A Investment Partners

The Amsterdam based direct-to-consumer menswear brand, known for its range of colourful men’s shorts and trousers, set-up a partnership with Capital A Investment Partners to accelerate its growth.

Mr Marvis already has seen strong growth in recent years following several successful product introductions. Mr Marvis also saw an increasing appreciation of its slow fashion concept in its home market, The Netherlands, as well as abroad.

Both the MR MARVIS brand and our products are valued by our customers because of the focus on quality and consistency. Above that, our collection only expands, resulting in customers coming back for the same product as well as for newly launched products. You can expect a lot more from us in the coming years, in all seasons” – Steven Vrendenbarg (Founder)

Together with Capital A, Mr Marvis will further professionalise and further accelerate its growth in Europe following a strategy both Mr Marvis and Capital A fully believe in.

In order to realise our accelerated growth plan, a solid and reliable investment partner was looked for. We feel fortunate to have found Capital A as such a party. With this collaboration we aim to further accelerate our growth ambitions based on the MR MARVIS legacy.” – David Sipkens (Founder)

Working with the highly entrepreneurial MR MARVIS team and ensuring a solid financial basis for this fundamentally strong company is a match made in heaven. As an investor, we have a keen interest in fast growing companies led by strong management teams. MR MARVIS is a perfect example of such a setting, and we are delighted and very proud to be able to support them in realising even more ambitious goals in the near future to let this wonderful brand grow.” – Arne Hamers (Capital A)

Categories: News


Altor acquires a minority stake in global fashion house Totême


Altor Fund V (“Altor”) has signed an agreement to acquire a minority stake in Totême and enter into a partnership with the founders and other existing shareholders. Altor will support the founders and the company on its continued international growth journey. The founders will remain as majority shareholders and continue in their current roles in the development of Totême.

Founded by Elin Kling and Karl Lindman in 2014 in New York City, Totême is a fast-growing fashion label in the modern luxury universe, widely known for their iconic uniforms. The company is headquartered in Stockholm with a strong Swedish heritage but with a true global presence. Sales are evenly split between Asia, North America and Europe, with a predominantly online presence via its own web shop and online retailers. The company has grown rapidly and reached sales of ca SEK 350m.

Elin Kling and Karl Lindman will continue in their current roles as Creative Director and Brand Director with the company. “Ever since the start, we’ve had a clear sense of who we are and where we’re going” say Totême’s founders, “It was important for us to find the right partner for the next chapter in our global growth journey, without compromizing our brand values. We firmly believe that Altor’s extensive experience in relation to technology, E-commerce and sustainability in key markets will strengthen our business, and we are looking forward to achieving the next phase of our journey at Totême with Altor.”

Altor has a track record of partnering with founder-led consumer brands to successfully support these companies on their international growth journeys. “We are very impressed by what Totême, the management team and the employees have achieved to date. Totême has been built to a global fashion brand focused on high quality products and slow fashion consumerism”, says Stefan Linder, Partner at Altor, “We are excited to partner with the visionary founders, Elin Kling and Karl Lindman, and the CEO Johanna Andersson to support their vision of developing a world class luxury fashion house”.

For more information, please contact:
Christina Budarkiewicz, PR Manager at Totême,, +46 738 05 90 60
Tor Krusell, Head of Communications at Altor,, +46 705 43 87 47

About Totême

Totême was founded in 2014 by Elin Kling and Karl Lindman. From the studio in Stockholm, the label creates ready-to-wear, shoes, bags and accessories. Totême explores the appeal of a modern uniform through distinct design cues, meticulous craftsmanship and methodic repetition. Pieces are subtly refined and tweaked over time for a well-curated wardrobe that transcends trends. Totême employs a digital-first and direct-to-consumer business model which is mixed with selected online retailers and department stores. With a strong emphasis on local context and the physical space, the label completes their digital presence with a growing number of Totême retail stores.

For more information visit

About Altor

Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Aarke, Dustin, Helly Hansen, RevolutionRace and Rossignol.

For more information visit

Author: Katarina Karlsson
Date: 2021.05.21
Categories: News

Categories: News