We followed up with the owners of Orange County-based influential industry swim brand LSpace for an update after seeing a social media post by founder Monica Wise that indicated she may be stepping away from the swim brand.
Wise founded LSpace in 1999, and Dac Clark and Paul Carr invested in the brand in 2008. Clark sent SES the following statement from all three of the partners when we reached out for an update on Wise and on LSpace.
“Monica, Paul and I were at a quarterly LSpace owners’ meeting last month. During the meeting Monica asked if Paul and I would be interested in purchasing her interest in LSpace. We had discussed the idea in the past. Paul and I were very interested and we made her an offer, which she accepted. We signed a definitive agreement on March 19,” he said.
Monica Wise and the LSpace team accept the SIMA Image Award for Swim Brand of the Year. File photo by Shop-eat-surf.
“Monica is very happy with the deal. She has a home in Hawaii and over the past few years has increased her travels with her husband. She will remain a great friend and will always be in our hearts as the LSpace founder. All of us at LSpace owe Monica a great deal of gratitude for starting the LSpace brand. The foundation she established will continue to have influence on LSpace,” Dac said.
“The LSpace brand is doing very well. We continue to make waves in the women’s lifestyle swim and apparel market. Last year we experienced solid growth in wholesale and on the LSpace e-commerce site. Our strategy to extend the brand into women’s apparel and activewear has been very successful,” he said.
“Last year, LSpace opened a pop-up store in Lido Village. That retail experience has paved the road to our new flagship store in Fashion Island which is slated to open in May – we’ve signed a six-year lease,” Dac said.
Monica Wise and Dac Clark were partners in LSpace along with Paul Carr. Clark and Carr are now the sole owners. SES file photo.
