Public Clothing Co. has acquired Mansur Gavriel outright, buying the accessories brand and its assets from private equity owner GF Capital Management in a deal that closed Tuesday. Founder and CEO Dan Shamdasani declined to disclose the price.

The purchase ends GF Capital's six-year hold. The PE firm took a majority stake in June 2019, with cofounders Rachel Mansur and Floriana Gavriel retaining a minority interest. Neither founder could be reached for comment.

What does the deal actually include?

Shamdasani was direct about the structure: he did not invest alongside the sellers, he bought the whole business. "They were owned by private equity. The plan is to really take over and invest in it," he said.

The asset he prized most is channel mix, not wholesale reach. Over 65 percent of the business runs direct-to-consumer through mansurgavriel.com, with select wholesale at Bloomingdale's and Nordstrom. The site performs strongly internationally, he said. That DTC weighting compares with a brand that once ran freestanding stores and now operates none.

Who stays, who goes?

The founders' future is unresolved. "Things have been moving really fast. We are in talks with them. More to come," Shamdasani said. The current spring line is being designed by the existing team together with Mansur and Gavriel, but going forward, the co-creative directors' involvement remains under discussion. "I would assume the founders would love to be part of the brand. We haven't had a chance to really sit down and talk about it," he said.

CEO Maria Borromeo's position is also undecided. Borromeo, who succeeded Isabelle Fevrier in 2023 with a mandate to tighten assortment and restore profitability, said: "I've worked very closely with Dan and the PCC team throughout the transition and am excited about this next chapter. PCC clearly values the unique heritage of Mansur Gavriel and understands the brand's potential." Asked if she stays, Shamdasani said it has not been decided, adding: "We have a very strong logistical back office."

What changes for sourcing?

Production stays put, for now. Handbags continue to be made in Italy; footwear in Italy and Portugal. No shift to PCC's existing supply chain was announced.

On the commercial calendar, Shamdasani said: "Spring 2027 is underway and we'll share more about what's next in the coming weeks." He is also exploring a showroom, which would mark a new wholesale-facing infrastructure for a brand currently selling through two named department store doors plus its own site.

Pressed on whether the business had struggled, Shamdasani pushed back: "I wouldn't say hard times. I mean, as business ebbs and flows, we found an opportunity for us." No revenue, EBITDA or volume figures were disclosed, so the health of the asset rests on his characterization alone.

Why PCC wanted it

"Rachel and Floriana built something rare: a clear design identity and customers who genuinely love it," Shamdasani said. "We've been looking at it for awhile, and we find that it's one of the defining accessory brands of the last decade."

Mansur Gavriel launched in summer 2013 with the bucket and tote bags that made its name, winning two CFDA awards within three years: the Swarovski Award for Accessory Design in 2015 and Accessories Designer of the Year in 2016. The current range covers handbags, footwear and small leather goods.

Public Clothing Co.'s portfolio also includes Derek Lam Collection, designed by Robert Rodriguez, giving the acquirer a second accessible-luxury label with which to share back-office and logistics overhead — one concrete efficiency logic behind the outright purchase, though PCC has not quantified any synergies.

The confirmed facts: an outright acquisition closed Tuesday, DTC above 65 percent, Italian and Portuguese production retained, Spring 2027 in progress. Everything else — founder roles, CEO continuity, showroom plans — remains intention, not agreement. Expect clarification in the coming weeks, on the acquirer's own timetable.