US: People’s Liberation changes name, business model
Apparel business People’s Liberation is to change its name and business model after raising up to US$14.5m in funding from private equity group Tengram Capital Partners.
The proceeds from the sale of convertible debentures, preferred stock and warrants will be used to acquire brands and help the transition of the business, now called Sequential Brands Group.
Sequential aims to license its two brands, William Rast and People’s Liberation, in a variety of categories to retailers, wholesalers and distributors in the US and selected markets overseas.
“Our new corporate name, Sequential Brands Group, symbolises our primary goal of owning a sequence of strong, well diversified brands across multiple consumer segments including apparel, home furnishing, sporting goods, electronics, packaged goods, food and beverage,” said company CEO Colin Dyne.
Dyne said the business model was one honed by William Sweedler, formerly at Iconix Brand Group and the new chairman of Sequential, as well as being co-founder and managing partner of Tengram.
Sweedler will be joined on the board by Matthew Eby, co-founder and managing partner of Tengram, and Richard Gersten, a partner at the private equity group.
Tengram has bought $3m in debentures so far, and has agreed to purchase at least another $11m over the next few weeks.
Iconix Brand Group posted a 28.7% decline in seond-quarter net profit today (25 July), despite seeing sales rise....
Apparel firm Sequential Brands Group, which owns the William Rast and People's Liberation brands, is making its first move into the action sports sector after agreeing an $8.55m deal to buy the DVS b...
- The new age of disruption on apparel production
- Will Vietnam struggle with impending trade deals?
- Yuan devaluation impact mixed for garment firms
- Kurt Cavano on “the Uberfication of everything”
- China devaluation: what’s the big deal?
- US Q2 in brief: J Crew, Aeropostale, Bebe Stores
- Adidas seeking to resolve shoe supplier dispute
- Luen Thai to continue investment in Vietnam
- Stock-out paradox persists despite data overload
- H&M offers $1m grant for sustainable innovations
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Ethiopia – the emerging textile and clothing industry
- Global market review of lingerie - forecasts to 2020
- Global market review of swimwear - forecasts to 2019