Retail Ecommerce Ventures (REV) will acquire UK-based luxury brand Ralph & Russo Limited as it continues building its portfolio. The firm has been rebuilding troubled traditional retailers as ecommerce brands through the acquisition of bankrupt chains including Pier 1, Modell’s, Dressbarn and Stein Mart.
Ralph & Russo is known for its ready-to-wear items, leather goods, accessories and sunglasses. The couture label was hit hard by pandemic-induced cutbacks in consumer spending and entered administration in March 2021.
“Ralph & Russo is a globally celebrated brand with a unique position in the luxury sector and significant brand affinity,” said Tai Lopez, Executive Chairman of REV in a statement. “With REV’s investment, there is massive potential for the Ralph & Russo brand to retain and grow its market leading position at the forefront of luxury design.”
REV is open to multiple paths when it comes to returning its brands to profitability. For instance, the company retained 15 buying, marketing and customer support personnel from Pier 1 to help it re-engage with vendors and bring back merchandise. Lopez also noted that “we see an opportunity to open back up brick-and-mortar stores” for Modell’s in the long term.