Xcel Buys Mizrahi for $31.5 Million
Isaac Mizrahi has a new backer in Xcel Brands Inc., which has acquired the designer’s licensing business for $31.5 million. While buying Mizrahi’s company, IM Ready-Made LLC, Xcel will go public through a reverse merger agreement with NetFabrics Holdings Inc.. The newly merged entity will be re-named Xcel Brands and be a publicly held brand licensing and management company whose priority will be the acquisition of brands having a strong interactive media presence and the ability to utilize a multichannel distribution strategy.
Under the terms of the Mizrahi agreement, Xcel will pay the designer $31.5 million at closing, which includes a combination of cash, a seller note and the issuance of Xcel common stock valued at $13.8 million. Xcel also agreed to an earn-out arrangement with the designer that calls for an additional amount up to $32.7 million in cash or stock, subject to achieving certain minimums in royalties generated by the Isaac Mizrahi trademarks over a four-year period.
I Want To Stay in the Dior Suite!
Can I visit a city and never leave the hotel room? The St. Regis New York has unveiled its new Dior Suite, the second fashion-centric abode for the hotel after ifs collaboration earlier this year with Tiffany & Co. Consisting of a bedroom, one-and-a-half bathrooms, a dining room and living room, the suite’s design details were inspired by the house’s Parisian ateliers. The decadently designed, 1700-square-foot space is almost entirely “whispering” gray, the house’s signature shade.
“Dior has had a long history with us. They’ve been here since the hotel reopened in the early 1990s,” said Paul H.F. Nash, the St. Regis’ general manager. “So this is a reinvigoration of the partnership that we have had for 20 years.” Well, don’t hold your breath on a lengthy stay. Guests can pay $8,500 to stay there. If that’s the case, I can just buy some actual Dior… it’ll last longer.
Sonia Rykiel Gets New Creative Director
French fashion house Sonia Rykiel has named April Crichton creative director of its main fashion line. The Scottish-born designer will take her bow alongside president Nathalie Rykiel at the brand’s spring-summer display Saturday, Rykiel said.
Crichton has previously worked alongside founder Sonia Rykiel and helped to develop the secondary Sonia by Sonia Rykiel line. Nathalie and Sonia Rykiel have been in charge of the house’s fashion direction since the departure of Gabrielle Greiss in 2009 after less than 18 months in the position.
– Taneisha Jordan
Source & Photo: WWDSee the Top Ten Summer 2016 Trends for Women Over 40