Canadian luxury outerwear and sportswear brand Moose Knuckles has announced that former Tapestry Inc. chief executive Victor Luis is joining as an investor and executive chairman, as the brand looks to accelerate global development plans.
In a statement, Moose Knuckles said that Victor Luis had made a “significant investment” in the firm, and will become an “operating partner” alongside the Canadian brand’s founders and co-chief executive’s, Noah Stern, Ayal Twik and their families, and global investment firm Cathay Capital.
The size of the Luis’ stake and financial terms were not disclosed.
With Luis’ guidance, the luxury Canadian brand is looking to broaden and accelerate its expansion, with a particular focus on China. Currently, Moose Knuckles operates 11 brick-and-mortar stores, including three in China, and it shared plans to open an additional ten stores by the end of 2022.
Noah Stern and Ayal Twik, o-chief executive’s at Moose Knuckles, said in a statement: “We are extremely excited to partner with Victor on our brand’s next chapter. He has a proven track record of growing brands globally at an unprecedented rate. We could not be more thrilled to have Victor on board to help fuel and steer our international expansion.
“We are super proud that we have been able to create one of the fastest growing fashion brands in the world. Bringing on an executive with Victor’s pedigree will help us hit that higher gear.”
Moose Knuckles targets China following “significant investment” from Victor Luis
Moose Knuckles is one of the fastest-growing luxury outerwear brands and has been quickly diversifying its growth across product categories and international markets, reporting significant double-digit year-on-year growth during the past five years.
From 2016 through Q1 2021, it has recorded a compound annual growth rate of nearly 50 percent, and in the past year, the brand has experienced a nearly triple-digit increase in direct-to-consumer sales.
The brand has a strong foundation in North America and Europe and is now looking to bring its sleek aesthetics and craftsmanship to Asia, specifically China, the single largest geographic opportunity for luxury goods.
Alongside its freestanding stores, Moose Knuckles also sells its outerwear and apparel in 30 countries through luxury retailers including Selfridges in the UK, Holt Renfrew in Canada, Saks Fifth Avenue in the US, Isetan in Japan and Lane Crawford in Hong Kong. The outerwear brand has offices in Montreal, New York, Milan, London and Shanghai.
Mark Woods and Andre Puong, partners of Cathay Capital, added: “Victor is a world-class, visionary leader who brings extraordinary luxury experience on a global basis. As Cathay Capital and Moose Knuckles’ incredible founders look to significantly scale the company globally, we believe our partnership with Victor will propel Moose Knuckles further as a top modern luxury outerwear player.”
Luis is an industry veteran with global experience, following decades of brand building with companies including French luxury firms Moet-Hennessy Louis Vuitton, Baccarat, and Coach. He is probably best known for transforming Coach. He joined the brand in 2006 as president and chief executive of Coach Japan before becoming chief executive of Coach Inc in 2014, where he transformed the brand into the multi-brand player Tapestry Inc., combining Coach with Kate Spade and Stuart Weitzman.
Commenting on his investment in Moose Knuckles, Luis, said: “I have long been attracted to the opportunity in the fast-growing and highly fragmented luxury outerwear space, and Moose Knuckles is uniquely positioned to take a leadership position in this market.
“I am extremely excited to support Noah, Ayal and the global Moose Knuckles team as we leverage the strong foundation they have already built to bring our tradition of superior quality, unique design and brand narrative to fans across the world.”
Luis is also an independent director of Farfetch Ltd. and Deckers Outdoor Corp., the parent company of Ugg, Hoka, and Teva.