Penske Media Corporation and its subsidiary Fairchild Fashion Media, FN’s parent companies, have announced the acquisition of FashInvest, a media platform where entrepreneurs, investors and fashion industry executives exchange information and raise capital.
“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,” PMC chairman and CEO Jay Penske said in a statement.
Under the latest acquisition, FashInvest will still operate as an independent publication covering the retail and fashion industries. As part of its expansion into fashion coverage, PMC purchased FFM from Condé Nast in 2014.
“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,” FashInvest COO Erik Seel said in a statement. “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.”
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Starting out as a series of conferences for industry insiders in 2009, FashInvest soon grew into a media company focusing on the financial and innovative aspects of the fashion industry. The acquisition comes as part of PMC’s plans to expand its fashion business coverage — last month, it acquired sourcing and manufacturing trade publication Sourcing Journal.
“Fairchild Media has consistently been the leader in coverage of well-established global fashion brands, and with the acquisition of FashInvest, the opportunity to deepen our coverage of emerging companies, startups, and the financial institutions (VCs, private equity, etc.) that are shaping the future fashion industry is dramatically enhanced,” Penske said. “We are honored to be the steward of this innovative company and continuing our investments in the Fairchild Media business.”
The financial details of the acquisition were not revealed. In addition to FN and WWD, PMC’s brands include Variety, Hollywood Life and IndieWire, among others.