Alhough Page Six recently reported that Thom Browne was just inches away from filing for bankruptcy, the designer denies the claim despite admittedly still searching for a financial partner, saying “I would love to find an investor who would be able to inject some funds into my company so that I can further grow my business, but the conditions and the fit have to be right. Thom Browne Inc. is not having a cash-flow problem and has no intention to file for bankruptcy.”
Browne has had increased exposure recently thanks in part to a Thom Browne-dedicated space at Paris’ influential boutique Colette during the Paris men’s shows which allowed Browne to pick up an additional 10 doors in Europe and Japan, and he has noted that his wholesale business has been up 117 percent since January.
Although Browne has been in talks with five potential backers in the last couple years. nothing has panned out thus far. As of now, the latest potential backer is New York-based Individualized Apparel Group, whose Oxxford Clothes, Gitman Bros. and Holland & Sherry divisions already produce suits, shirts and fabrics for Thom Browne. According to WWD, they are nowhere near a deal with Browne, saying that his brand has a great relationship with IAG on the production side that that will continue, but at this point they are not close to having anything further in the works. The designer added that the right partner will understand what his collection is and what the potential of the business is – “I don’t want to partner with the wrong person, because I want the partnership to be forever, with someone who has the same vision for the business as I do. ”