Centric Brands Inc., (NASDAQ: CTRC), a leading lifestyle brands collective, announced today the purchase of the Zac Posen brand and all related intellectual property previously held by Z Spoke, LLC. As part of the transaction, the Company also acquired all existing licenses and collaboration agreements from the predecessor business. The Company is not assuming any liabilities associated with the predecessor business.
The existing Zac Posen brand licenses include women's handbags, small leather goods, and cold weather accessories including hosiery and legwear, which Centric Brands currently manufactures and produces, in addition to bridal, fine jewelry, men's and women's eyewear, and women's footwear.
"We are thrilled to welcome the Zac Posen brand into the Centric family. Zac is a talented and charismatic designer," said Mr. Jason Rabin, Chief Executive Officer of Centric Brands. "The Zac Posen label is synonymous with exceptional craftsmanship and modern American glamour and is a red-carpet favorite among many of the world's most famous celebrities. 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."
"I am so pleased that Centric Brands is committed to the "Zac Posen" brand and to building a new and relevant Zac Posen branded world," said Mr. Posen. "I am looking forward to helping Jason and the team continue to identify and execute on strategic licensing opportunities and selectively build the brand's global distribution and omni-channel marketing strategy."
In 2001 the world-renown and award-winning designer Mr. Posen started his namesake label and became a go-to name for high-end designer fashion among celebrities. Mr. Posen will advise on all facets related to the creative and strategic direction, marketing and promotion of the Zac Posen branded business.
About Centric Brands Inc.
Centric Brands Inc. (the "Company") is a leading lifestyle brand collective that designs, sources, markets and sells high quality products in multiple segments, including kids, men's and women's apparel, accessories, beauty and entertainment. The Company's portfolio includes more than 100 iconic licensed brands, including for kids apparel, Calvin Klein®, Tommy Hilfiger®, Nautica®, Spyder® and Under Armour®; for men's and women's apparel, Joe's Jeans® Buffalo® Hervé Léger® and BCBG®; for accessories, Kate Spade®, Michael Kors®, All Saints®, Frye®, Timberland® and Jessica Simpson®; and for entertainment, Disney®, Marvel®, Nickelodeon® and Warner Brothers®, among others. The Company's owned brands include Zac Posen®, Hudson®, Robert Graham®, Swims® and Avirex®. The Company's products are sold primarily in North America through leading mass market retailers, specialty and department stores, and online. Centric Brands has unparalleled expertise in product design, development and sourcing, retail and digital commerce, marketing and brand building. Headquartered in New York City, with offices in Los Angeles, Greensboro, N.C., Toronto, and Montreal. More information about Centric Brands please visit https://www.centricbrands.com.