Billy Reid on a Growth Spurt as New Investors Come on Board

NEW YORK — It’s a new day at Billy Reid. The Alabama-based designer recently sold a minority stake in his business and with that financial cushion is working with a new team to grow the brand to what he believes can be its full potential. In addition to Joel Anderson, an Alabama businessman who has been a partner for close to a decade, the Kemmons Wilson Companies, a Memphis-based investment firm operated by the descendants of the founder of the Holiday Inn chain, recently invested as well. Kemmons Wilson also holds stakes in the Memphis Grizzlies NBA team, the Wiseacre Brewing Co., Central BBQ, Active Implants and businesses in the hospitality and insurance fields. It purchased an undisclosed percentage of the Billy Reid brand last year. The latest company to provide funding is The Balvenie, Scotland’s premier single malt Scotch whisky. The deal, which is for one year but may be extended, will find Balvenie spirits being featured at Billy Reid’s 12 retail stores. It will sponsor his 11th annual Shindig festival in Alabama in August and host a series of in-store events in several stores. Like many independent designer labels, Reid has struggled to find the cash to sustain and expand his business. Reid

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD https://ift.tt/2YFk2mR