The New York company has sold its intellectual property to the Centric Brands group, although Posen will continue to back the company’s creative and strategic line.
Zac Posen joins the Centric Brands family. The New York company has sold its intellectual property to the Centric group. Posen will continue to support the brand’s creative and strategic line.
Centric Brands is a proprietor of Zac Posen for women’s handbags, leather products and winter accessories. So far, Zac Posen has produced fourteen collections among Zac Posen, Zac Zac Posen and Brooks Brothers.
“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,” said Jason Rabin, CEO of Centric Brands, in a statement. Zac Posen had been seeking a buyer for more than a year.
Zac Posen will continue to support the brand’s creative and strategic line
Centric Brands, which is listed on the New York Stock Exchange, operates under licenses from brands such as Herve Leger, Hudson Jeans, BCBG, Buffalo Jeans, Kate Spade or Michael Kors. In addition, the company acquired a significant part of the Global Brands Group licensing business in North America.
Centric Brands has been growing exponentially regarding its sales revenues, according to its latest financial results. The group witnessed a net sales growth in its first 9 months with an income of $1.66 million in 2019 in comparison to last year’s revenue of $114, 614.