Ralph & Russo has been acquired by executives at a U.S.-based investment company.
The luxury fashion label was founded by Tamara Ralph and Michael Russo in 2006, with the pair creating red carpet gowns for the likes of Angelina Jolie, Ellie Goulding, Ciara, and perhaps most notably, the black beaded dress Meghan, Duchess of Sussex wore for her official engagement photoshoot in early 2018.
However, Ralph & Russo was hit by the financial downturn caused by the Covid-19 pandemic, with executives filing for administration in March, and after a period of uncertainty, the team at Retail Ecommerce Ventures (REV) announced on Thursday that they would be taking over the U.K.-based company.
“Ralph & Russo is a globally celebrated brand with a unique position in the luxury sector and significant brand affinity,” Tai Lopez, executive chairman of REV, commented. “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.”
Details of the deal have not been shared. Neither Ralph nor Russo are expected to take on key roles in the business going forward.
Over the past two years, REV bosses have made a series of successful acquisitions including the Pier 1, Radio Shack, Dressbarn, and Stein Mart brands.