Opening Ceremony Just Sold a Minority Stake in its Co.

NYC-based retailer, Opening Ceremony has landed some funding. Former David Yurman and Urban Outfitters CEO Glen Senk's latest venture, Front Row Partners (which has been backed by $350 million from Berkshire Partners), has taken a minority stake in OC, as the firm looks to invest in "businesses that are original, highly differentiated, and authentic."

Opening Ceremony's co-founders, Humberto Leon and Carol Lim (who also serve as the creative directors of Paris-based house, KENZO), will maintain control of the company, with Senk acting as non-executive chairman. The retailer, which also boasts an in-house line, confirmed plans to open more stores (in addition to its NYC, LA and Tokyo locations) and enhance its e-commerce presence. No word yet on what other brands Front Row is looking into, but it certainly represents a growing trend of new firms investing in fashion brands. The Dock Group, the Los Angeles-based firm that invested in Creatures of the Wild, is on this list, as well.