A Brooklyn-based clothing boutique has hitched a fast ride with American Apparel CEO Dov Charney, and the latest stop is Tokyo.
Oak — an upscale, Goth-inspired label founded a decade ago in Greenpoint — is on track to double its sales this year to $10 million with American Apparel’s backing as it opens a handful of new shops across the US, Europe and Asia.
The chic boutique — whose latest wares include a $494 “bondage chain shirt” and a $287 “bondage strap pant” from a brand called “Unconditional” — said this week it will open a 700-square-foot shop in Tokyo’s Shibuya district.
That’s in addition to new stores in Los Angeles and Paris in recent months, for a total of a half-dozen locations.
Seoul, South Korea, will be the next market for the company’s black cowls, baggy pants and oversize sunglasses, co-founder Louis Terline told the Post in an interview on Tuesday.
“We’re still based in Greenpoint, but the resources we have to expand now are really unheard of,” Terline said.
The growth is coming despite recent financial turmoil at American Apparel, whose founder Charney narrowly escaped losing control of the company in a battle with creditors after glitches at a new factory spurred unexpected losses.
Charney raised $30 million last month by issuing new stock, a move that diluted current shareholders but allowed the company to meet a $13.7 million interest payment on more than $200 million in debt.
With that crisis averted, Charney said he’s giving Oak founders Terline and Jeff Madalena use of his Los Angeles factory and global offices while he stays out of their hair creatively.
“I’ve already gotten smashed up a few times on the journey of business building,” Charney told The Post. “So I’m bringing my expertise to them, saying ‘We tried that and it was a disaster, so don’t try that, do this.’”
Since getting acquired, Oak’s Terline and Madalena have spent every second or third week in Los Angeles, crashing at Charney’s house while getting acquainted with American Apparel’s manufacturing facilities.
Oak isn’t yet profitable, but it is generating positive Ebitda — or earnings before interest, taxes, depreciation and amortization — a key financial measure that’s rapidly improving each month, according to sources.
Charney predicts that Oak could be a $50 million brand within the next five years. That could be more than just a blip for American Apparel, which logged $633 million in revenue last year.
American Apparel shares, battered lately by the company’s financial woes, on Tuesday surged 23 percent to close at 66 cents a share.
It wasn’t clear whether the stock rally was related to news of Oak’s expansion. But hints of success at Oak could be “as good a reason as any,” said Brean Capital analyst Eric Beder.