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Limited edition sneaker and streetwear marketplace The Edit Ldn has sold a majority stake to UK-based off-price fashion retailer Brand Alley, after experiencing cash flow issues toward the end of 2023, BoF has learned.
Founded by entrepreneur Moses Rashid in January 2020, the London-based retailer attracted investment from a roster of celebrity shareholders that included NBA veteran PJ Tucker, the NFL’s Xavier McKinney, American actress La La Anthony and Premier League footballers Ollie Watkins and Jesse Lingard. The company said some investors will remain as brand ambassadors following the acquisition.
The terms of the deal were not disclosed, but Rashid confirmed he will remain The Edit Ldn’s chief executive under Brand Alley.
The Edit Ldn’s most recent capital raise occurred in January 2023 — a £3.9 million ($5 million) seed round, led by New York-based private equity firm Regah Ventures to fund international expansion. That month, it also announced a partnership with the NBA’s Chicago Bulls. As well as benefiting from private shopping events with the team’s players, the retailer became the Bulls’ tunnel walk sponsor for the team’s away games for the 2022-2023 and 2023- 2024 seasons, making it the first fashion business to secure such a deal in the NBA.
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The company — which, similar to StockX and GOAT, specialises in reselling limited-edition sneakers and luxury and streetwear clothing — generated revenue of £5.8 million ($7.3 million) in 2022, Rashid told BoF in October 2023.
However, it ran into cash flow issues in the final quarter of 2023, prompting the company to search for a buyer.
“Although 2023 was another year of positive growth and revenue, it has been a difficult period with financial challenges being accelerated by external funding sources that we had on our creditor books,” Rashid said in a statement. “It was crucial to act fast to find a long-term partner who sees the potential to take The Edit Ldn global and offer the operational infrastructure required for sustainable growth.”
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