Fort Myers, Fla., Chico’s FAS, Inc. announced Tuesday that it is finalizing a $10 million purchase of a minority interest in lucy activewear, which will give Chico’s one representative on the lucy board of directors. The purchase marks another step in Chico’s plan to explore investments in companies offering significant future growth opportunities.
Scott A. Edmonds, president and CEO of Chico’s FAS, Inc., said, “We are very pleased to have the opportunity to invest in lucy activewear. … Given the size of the lucy investment together with the future potential for the company, we think opportunities of this nature are important strategic uses of our cash.”
Lucy activewear is a privately owned specialty retailer based in Portland, Ore. Chico’s is a specialty retailer of private-label, casual-to-dressy clothing, intimates, accessories and other non-clothing gift items.