Retail Ecommerce Ventures (REV), the parent company of Pier 1, has acquired U.K.-based luxury brand Ralph & Russo.
The acquisition follows Ralph & Russo’s move to file for bankruptcy in April 2021. The luxury brand joins a string of bankrupt brick-and-mortar retailers such as Pier 1, Dress Barn, Stein Mart and Radio Shack, which were acquired by the Miami-based startup to be later relaunched as digital-only brands.
Ralph & Russo, the second apparel-focussed brand in REV’s portfolio, is famous for designing Meghan Markel’s $78,000 engagement party gown. While the brand initially only sold couture-style pieces, it later expanded its business to sell ready-to-wear apparel and accessories, leather goods and sunglasses.
“Ralph & Russo is a globally celebrated brand with a unique position in the luxury sector and significant brand affinity,” REV Executive Chairman Tai Lopez said 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 has generated more than $1 billion in sales since its launch in 2019.