Washington businessmen Mitchell Rales and Mark Ein have invested in a luxury brands company led by fashion designer Reed Krakoff, who has bought out his design company from Coach Group in a $50 million deal.
Krakoff will be the eponymous firm’s largest shareholder as well as its creative director. He took over the company Aug. 30.
Rales, who owns a world-class art museum in Potomac, is a billionaire and co-founder of Danaher Corp., the Washington-based industrial conglomerate.
Ein is a Washington investor and chief executive of Venturehouse Group. He also is owner of the Washington Kastles World Team Tennis franchise.
Coach will remain as a minority shareholder in Krakoff’s company. T. Rowe Price is also an investor.
“Our investor group is thrilled to use our capital and extensive growth company experience to help Reed continue to build the next great American luxury brand,” said Ein, who will serve as the new company’s chairman.