Founded in 2009 by Stuart Grant (former COO), Liz Houghton (CEO), Jane Rawlings (design director), and Lisa Agar-Rea (brand director), Mint Velvet sought to bring some relaxed glamour to everyday dressing for the 30-plus woman.
The brand was a big hit with its target audience and expanded rapidly. It latest accounts show it operates from 165 locations, including 40 standalone stores, 116 concessions, three franchises and six websites. However it is understood to have since closed 10 of its 40 House of Fraser concessions, having taken a £2.5m hit when the department store collapsed in 2018.
In 2015 the family behind River Island invested in the business through its Lewis Trust Group and in March 2019 the trust took full control of the business in a deal which was said to value it at £100m. The founders shared a payout but Liz Houghton and Lisa Agar-Rea remained at the helm and Peter Davies (who made his first fashion fortune with Principles and Warehouse) and Grant remained non-executive directors.
