With other private investors, Closed’s Hans Redlefsen, Til Nadler and Gordon Giers are upping their stake in the company by buying back all shares from the private investment firm Genui after nearly a five-year partnership. Together the two entities developed a long-term strategy that helped Closed to generate more than $112.1 million in sales.
The new setup isn’t a matter of giving Closed executives the chance to do things they haven’t been able to agree on in the past five years, according to Closed’s head of marketing and communications Gro Hjördis Pflughaupt. “It’s not as though we have been waiting for this day to change loads. Of course, generally, it’s like taking back a risk in some way,” she said. “I have to say Genui has been a pretty great partner that has a good understanding for what we do.”
Building international sales, which has been a focus with Genui, will only be amplified especially in the U.S. and southern Europe including France where it has had a presence for years. For the past two seasons, Closed has sold at Shopbop and Bergdorf Goodman, and Nordstrom will added next season. The brand is now sold at Merci in France, and it recently