Denim Retailer Takes on Financial Partner
L.A. Fairchild Denim Bar, a popular boutique in Cardiff-by-the-Sea, Calif., has teamed with investment group Avalon Capital Group Inc. and restructured its upper management, which aims to open additional stores throughout Southern California.
Avalon, led by Ted Waitt, founder of Gateway Computers, made an undisclosed but “significant” investment in the boutique. Fairchild has brought on retail veteran William H. Parker to become chief executive officer of the company, which operates a specialty boutique, denim store and a growing e-commerce site at www.lafairchild.com.
Founder Laura Ann Fairchild remains with the company as a board member and chief merchandising officer, overseeing a mix of sportswear and premium-denim brands including A.G., William Rast, Antik, J. Brand, Hudson, Diesel, Frankie B. and Stitches. Fairchild’s sister, Julie Fairchild, will serve as chief administrative officer, overseeing human resources, real estate, marketing and business strategies.
Parker has more than 35 years of experience in retail, having served as president of Gateway Computer’s retail stores, senior vice president of stores and operations for Banana Republic, zone vice president for Old Navy, and vice president of home deacute;cor for Kmart. Gateway’s co-founder and former Chief Executive Officer Ted Waitt also owns Avalon Capital, which has diverse investments in the technology, energy, entertainment, finance and health care industries.
“L.A. Fairchild Denim Bar is a unique and creative business venture and has already achieved great success,” said Parker in a statement announcing the restructuring. “The Denim Bar’s distinctive atmosphere and the competitive landscape of the fashion industry will make my job as CEO exciting and challenging. I look forward to taking the company to the next level by emphasizing and enhancing its already-strong business profile.” —Robert McAllister
