Centric Brands has purchased the Zac Posen brand and all related intellectual property previously held by Z Spoke, LLC. As part of the transaction, the company also acquired all existing licenses and collaboration agreements from the predecessor business. The company is not assuming any liabilities associated with the predecessor business. Terms of the deal were not disclosed.
The existing Zac Posen brand licenses include women’s handbags, small leather goods, and cold-weather accessories including hosiery and legwear, which Centric Brands currently manufactures and produces, in addition to bridal, fine jewelry, men’s and women’s eyewear, and women’s footwear.
Posen will advise Centric on all facets related to the creative and strategic direction, marketing and promotion of the Zac Posen branded business.
“We are thrilled to welcome the Zac Posen brand into the Centric family. Zac is a talented and charismatic designer,” said Jason Rabin, chief executive officer of Centric Brands. “The Zac Posen label is synonymous with exceptional craftsmanship and modern American glamour and is a red-carpet favorite among many of the world’s most famous celebrities. This acquisition adds a global, marquee designer brand to our portfolio of ready-to-wear women’s apparel and provides a platform to expand into new licensing categories while supporting one of our strategies for growth.”
“I am so pleased that Centric Brands is committed to the ‘Zac Posen’ brand and to building a new and relevant Zac Posen branded world,” said Mr. Posen. “I am looking forward to helping Jason and the team continue to identify and execute on strategic licensing opportunities and selectively build the brand’s global distribution and omnichannel marketing strategy.”
In 2001 the world-renown and award-winning designer Posen started his namesake label and became a go-to name for high-end designer fashion among celebrities. But, in late October, Posen revealed he was shuttering his business subsequently to failing in finding a new buyer or new investors.
Centric Brands was born via a merger of Differential Brands Group (Robert Graham, Hudson, and Swims), which acquired a significant portion of the North American licensing business from Global Brands Group Holdings.