According to the report, founder Levent Tanju and co-owner Gareth Skewis are seeking a partner to help in funding the brand’s flagship growth, with the potential of “being aided by investment bank Rothschild.” In the past year alone Palace opened two flagship stores, one in Los Angeles and another in Tokyo. If the rumors are true, this could mark an interesting development in streetwear.
Recently the once-niche market of streetwear has been commanding big-money valuations. In 2017, Supreme earned a massive $500 million investment from the Carlyle Group. And just last month, Farfetch bought Off-White™’s licensee, New Guards Group, for $675 million. Now, Palace could be the latest streetwear brand to join the corporate ranks.
Highsnobiety has reached out to Palace for comments. Stay tuned for more updates on a potential investment deal.
The skateboard brand recently took to the streets of Tokyo for its “Deeper Understanding” skate video. Check it out here.