Zac Posen seizes new opportunity: Centric Brands acquires the brand

Zac Posen seizes new opportunity and is currently sorting out the details regarding his contribution to the new business agreement, which encompasses the Zac Posen brand and all intellectual property, a market source said, according to WWD. Andrew Jasmin, managing director of Jassin Consulting, believes Centric Brands, the brand management group, would be able to offer both a strategic and financial relationship for the Zac Posen trademark.

Posen, revealed he was shuttering his business in late October subsequently to failing in finding a new buyer or new investors.  The designer commented to WWD last October that the board of Zac Posen had made the difficult decision to close the business, to what he expressed as “surprising and immediate.” There had been an ongoing sale process, however, the time had ran out.

Zac Posen is currently sorting out the details regarding his contribution to the new business agreement

Centric Brands was born via a merger of Differential Brands Group, which acquired a significant portion of the North American Licensing business from Global Brands Group Holdings. The joint business was then retitled Centric Brands, headed by Chief exec officer Jason Rabin. Today the Centric Brands group operates in distinct manufactures and markets brands, women’s, men’s, kid’s apparel, accessories, beauty, and entertainment. 

Centric has already acquired the license for Posen’s cold weather accessories and handbags. The brand management company is listed on the Nexchange, selling products predominantly in North America via specialty and department stores, mass-market retailers, and online. 

Centric Brands has been growing exponentially in regard to its sales revenues as it 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, as stated on its financial report.