After it was clarified that Chanel was not for sale yesterday, the family that owns the French luxury house has invested in 66°North. Mousse Partners — a New York-based investment firm ran by the same family that also owns Chanel — has joined the heritage Icelandic label as a “strategic investment partner” and will assist in its global expansion.
As well as announcing the new investor, 66°North has appointed that Matthew Woolsey — former managing director at Net-a-Porter — as global president. Speaking about the label’s, Woolsey explained that 66˚North wanted to “redefine the category in the same way athleisure has redefined athletic wear. Both from a functionality and aesthetic standpoint, there’s a big opportunity for a breakthrough…that kind of product really doesn’t have a limit.”
In other fashion news, take a look at Louis Vuitton’s Pre-Fall/Winter 2019 collection.
- Business of Fashion