PENSKE MEDIA ACQUIRES FASHINVEST

Penske Media Corporation and its subsidiary Fairchild Media have announced the acquisition of FashInvest, which connects the fashion-tech, fashion, retail, and branded consumer goods sectors with the finance and investment sectors. Terms of the deals were not disclosed.

FashInvest’s thousands of daily online news posts, reports and exclusive interviews on the emerging fashion tech and fashion arenas have established it as a leading news authority for a growing number of entrepreneurs seeking the latest news on who has received funding, who is providing the funding, and what strategies are attracting financing. FashInvest is also known for its annual Fashion Tech Investment Conference in New York City. It will remain an independent publication.

The acquisition comes on the heels of Penske Media and its subsidiary Fairchild Media’s acquisition last month of Sourcing Journal. Both purchases significantly advance Fairchild’s and WWD’s position in today’s fashion, beauty, and retail business coverage.

“FashInvest has tapped into the vital intersection of finance and fashion—a business that has been built over the last decade on discovering and developing emerging fashion and retail brands and their access to capital markets,” says CEO Jay Penske. “With the acquisition of FashInvest, we have the opportunity to deepen our coverage of emerging companies, start-ups, and the financial institutions (VC’s, Private Equity, etc.) that are shaping the future fashion industry.”

Added FashInvest COO Erik Seel: “The injection of Penske Media resources into FashInvest will propel the brand and enable FashInvest to extend our reach into markets and geographic regions we have always looked to enter. We have seen an insatiable appetite for fashion brands, fashion tech companies, retailers and investors of all stages to stay current with the investment news, innovations and resources driving the industry. With this acquisition FashInvest is now the undisputed digital content and event production leader of this ever-growing space.”