Carly Cushnie and Michelle Ochs are ready for the next stage of the Cushnie et Ochs brands. Today, the duo said that it sold a stake in Cushnie et Ochs, LLC to a group of investos led by private equity firm Farol Asset Management, LP along with several fashion industry executives.

Peter Arnold, formerly CEO of Cynthia Rowley, and, before that, the Executive Director of the CFDA, joins the label as CEO.

In a joint statement, the designers said: “We are extremely pleased to partner with Farol and start this exciting new chapter for Cushnie et Ochs with Peter Arnold as CEO.  He shares our vision for the brand.   We are confident that Peter is the right person to guide us through the next stage of our growth as a company.”

Arnold, who was a partner at New York law firm Sidley Austin LLP before joining the fashion industry, added: “As their CEO, I look forward to partnering with Carly, Michelle and our investors to unlock the substantial global potential that we see within the brand over the next several years.”

With the new backing, the plan is to expand Cushnie et Ochs into new product categories, broaden its international distribution and grow awareness of the brand.

Cushnie and Ochs launched their brand in 2008 built on the designers’ inherent understanding of the female body which informs their bodycon silhouettes and use of color and bold lines.

Douglas Hand of Hand Baldachin Amburgey LLP served as legal advisor to Cushnie et Ochs. Brien Wassner of Milbank Tweed Hadley & McCloy LLP served as legal advisor to Farol Asset Management and the investor group.

“We have been extremely impressed by the support of Cushnie et Ochs’ retail partners and the loyalty of the customer,” said Robert Azeke, Managing Partner of Farol Asset Management. “Carly and Michelle have done an outstanding job of building their business and assembling a talented and dedicated team of professionals to support that growth.”