Zac Posen has a new owner.
The designer brand as well as its intellectual property has been acquired by Centric Brands Inc., which handles licensing of apparel products and accessories for labels such as Under Armour, BCBG, Kate Spade and Timberland.
As part of the transaction, which was announced today, the group also snapped up Zac Posen’s existing licenses and collaboration agreements from former owner Z Spoke LLC. The brand’s licenses include women’s handbags, small leather goods and accessories such as hosiery and leg wear.
“Zac is a talented and charismatic designer,” Centric Brands CEO Jason Rabin said in a statement. “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.”
Posen is expected to “advise on all facets” related to creative direction, marketing and promotion of his namesake brand.
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“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 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.”
Posen launched his namesake fashion label in 2001 and swiftly became a household name in the high-end designer fashion community.
On Nov. 1, he shared plans to “cease business operations and carry out an orderly disposition of its assets.” The company was in the midst of discussions about a sale process that involved Yucaipa Cos., the investment firm founded by Ron Burkle, seeking to sell its stake in the label.
Posen remains the creative director for American heritage fashion brand Brooks Brothers.
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