Accelerator-turned-Milan showroom has acquired a 46 percent stake in the Tokyo-based brand development and creative consulting agency.
In recent years, the wholesale market has faced an identity crisis as big brands prefer direct sales, leading to the decline of multi-brand retail. At the same time, showrooms like Twentyfourseven have repositioned themselves as brand accelerators, targeting new high-potential labels in which they sometimes take financial stakes, offering new services from production to brand management.
Founded in 2014, Seiya Nakamura 2.24 Inc., which also has offices in Shanghai and Paris, has taken a similarly broad approach, handling press, branding and creative development, as well as distribution for brands such as We11done, Mame Kurogouchi and Marine Serre.
“Before the pandemic, the world of wholesale fashion was pretty flat. Buyers and brands travel to Paris, visit showrooms, place orders and repeat the process … Now that many cannot travel, we see markets becoming more domestically oriented. Partnerships like the one between us and 247 are needed more than ever before,” said Seiya Nakamura, founder and CEO of 2.24.
Following the deal, Twentyfourseven and Seiya Nakamura 2.24 will retain their identities but merge their operations. Together, they aim to increase total sales to $320-350 million this year, up from $290 million in 2021.
“This venture will position us to become a truly global entity that can help brands grow and scale globally,” said Twentyfourseven co-founder Giacomo Piazza. “We will be an accelerator for Seiya and this deal will also be an accelerator for us in the Asian market,” added Twentyfourseven chief executive Tommaso Bosco.
Going forward, the two companies will jointly invest in brands, Piazza said, with Seiya Nakamura 2.24 “scouting talent in Asia and us scouting talent across our various platforms and through our connections in Milan, Paris and London.”
Also on the roadmap are new outposts for Seiya Nakamura 2.24 in Seoul and Los Angeles, and a Twentyfourseven office in New York.
Twentyfourseven, a showroom turned full-fledged design platform, insists on a new kind of sustainable growth for the industry.
https://www.businessoffashion.com/articles/news-analysis/twentyfourseven-inks-partnership-with-japans-seiya-nakamura-224/ Twentyfourseven Inks partnership with Japan’s Seiya Nakamura 2.24