Peruvian Connection
Background
Peruvian Connection was founded in 1976 by the mother-daughter team of Biddy and Annie Hurlbut. Over the past 30+ years, the Company has become a leading luxury apparel lifestyle brand selling an original collection of garments including one-of-a-kind art knits, luxurious basics, uniquely beautiful dresses and exquisitely tailored outerwear. The collection is sold exclusively through mail order catalogs, the Company’s state-of-the-art web site and a small number of retail outlets. Catalogs are mailed to educated upscale customers in the U.S., United Kingdom and Germany. In July 2008, the Company opened its first full-line retail store in Washington, DC. In September 2008, Annie approached CGP to help her meet short term financial challenges as she continued to build her successful entrepreneurial company into the professionally managed company she envisioned. CGP, along with two members of CGP’s Executive Panel, began working with the Company to focus on a series of near-term initiatives and collectively concluded that Annie could optimize the value of Peruvian Connection by postponing any sale of equity for 3-5 years. Our team developed detailed long range plans and projections and crafted a partnership to continue to maximize Peruvian Connection’s value over this period.
Strategy
The Company and CGP formed an Executive Committee composed of Annie Hurlbut, Richard Baum, Bill Reisler and two members of the CGP Executive Panel, who combined have more than 40 years of experience in the direct marketing industry. The Executive Committee met weekly with senior management working together for six months to execute best practices and will continue to meet as needed. Richard Baum and Bill Reisler will continue working with senior management to execute a 3-5 year plan optimizing value.
Involvement
Bill Reisler and Richard Baum are members of the Company’s Executive Committee.