Confirming reports that circulated at the end of last year, New York-based Centric Brands Inc. announced on Friday that it has purchased the Zac Posen brand and all related intellectual property for an undisclosed sum.
The deal also sees Centric Brands acquire all of the brand’s existing licenses and collaboration agreements from the label’s previous owner, Z Spoke, LLC.
Centric Brands currently manufactures and produces Zac Posen’s women’s handbags, small leather goods, and cold-weather accessories under license. The remainder of the brand’s licenses includes bridal, fine jewelry, men’s and women’s eyewear, and women’s footwear.
Founded by the designer of the same name in 2001, the Zac Posen brand quickly became a red carpet favorite, garnering fans including Rihanna, Michelle Obama, and Gwyneth Paltrow, while its creative director won the CFDA’s womenswear designer of the year award in 2004.
The brand’s shut-down was announced in November of last year, with Posen citing “the increasingly challenging fashion and retail landscape” as the main reason behind the decision.
Under the new deal with Centric Brands, the designer, who has been creative director at Brooks Brothers since 2014, will advise on all creative and strategic aspects of his namesake label, as well as on marketing and promotion.
“We are thrilled to welcome the Zac Posen brand into the Centric family. Zac is a talented and charismatic designer,” commented Centric Brands CEO Jason Rabin in a release. “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.”
The Zac Posen label joins Hudson, Robert Graham, Swims, and Avirex in Centric’s owned brand portfolio. The company also operates a licensed portfolio featuring more than 100 brands, including Calvin Klein, Tommy Hilfiger, Under Armour, Kate Spade, Hervé Léger and Michael Kors.