Investment business Lewis Trust Group has bought a “significant” but unspecified stake in womenswear retailer Mint Velvet.
The investment business is owned by the family which founded River Island. According to Drapers, It will support Mint Velvet‘s growth strategy, which currently includes plans to open 20 stores over the next three years and grow the company‘s online business.
Mint Velvet currently operates in 92 concessions in John Lewis, House of Fraser and Fenwick, and has an estate of 28 stores. Selling across five websites, the company has also achieved international expansion, having opened its first full international store in Switzerland in October.
“Our growth has been phenomenal since we had the idea around my kitchen table six years ago and the significant stake taken by LTG will enhance our ability to expand in the UK and into new international markets,” said CEO and Co-Founder of Mint Velvet Liz Houghton.
The company had a profitable year, enjoying a 31% increase in sales to £63.1m for the year ending 30 April 2015.