The New York-based label announced on Friday it is receiving an investment of an undisclosed sum from growth equity firm Stripes.

The brand, which was founded by creative director Catherine Holstein, is majority owned by brand incubator Assembled Brands, which provided the initial investment in the company when it first launched in 2016. This new investment “will further accelerate Khaite’s expansion and ensure greater visibility for an already iconic brand that is redefining American luxury,” said Adam Pritzker, chairman of Assembled Brands, in a statement.

Since its debut, Khaite has become a favourite of the downtown New York set, as well as celebrities including Kendall Jenner and Katie Holmes, for items like its cashmere sweaters, structured denim and western-inspired boots. Its stockists include Net-a-Porter, Bergdorf Goodman and Saks Fifth Avenue.

This investment marks the latest milestone in what’s been a busy few months for Khaite. At the end of last year, Holstein was named womenswear designer of the year at the CFDA Awards, and last month, the brand opened its first store in Soho and unveiled an eyewear collaboration with Oliver Peoples.

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Khaite Opens First Store, in Soho

The New York-based brand plans to open 10 brick-and-mortar locations over the next five years.