FUNG CAPITAL BUYS AMIES: Fung Capital, the private investment vehicle of Victor and William Fung, controlling shareholders in Hong Kong-based Li & Fung Group, has acquired the struggling London fashion house Hardy Amies for an undisclosed sum. Fung Capital has bought assets including the Hardy Amies and Norman Hartnell brands, the lease to the company’s Savile Row store and all the group’s licensing agreements. “This is a long-term investment in the Hardy Amies brand, from which we are looking to generate licensing income,” said a spokeswoman for Fung Capital. Last month, Hardy Amies filed for administration, the U.K. equivalent of Chapter 11, following problems with its funding. The spokeswoman for Fung Capital added that Hardy Amies would remain headquartered in Savile Row. The company’s five remaining U.K. stores will close by the end of November and the label’s historic couture business also will close.
This story first appeared in the November 13, 2008 issue of WWD. Subscribe Today.
GREEN TAKES MOSS BROS. STAKE: His negotiations to buy all or part of Baugur’s debt may be on hold, but that hasn’t stopped Sir Philip Green from making a move on the troubled Icelandic company’s Moss Bros. subsidiary. On Wednesday, Green said his family investment company, Warbeck, had purchased a 28 percent stake in Moss Bros., the British men’s chain, for 6.7 million pounds, or $10.3 million at current exchange. Green is considering making a bid for the remaining shares. A spokeswoman for Green described Moss Bros. as a “one-off opportunity,” and clarified that it was not directly related to the larger negotiations. Last month Green began negotiating to buy Baugur’s debt, which would allow him to take over such British retailers as Oasis, Karen Millen, Principles, Warehouse and Shoe Studio. Those negotiations are on hold as Iceland’s government sorts out the future of the country’s banks, which hold the bulk of Baugur’s debt.
NEXCEN’S NEW FINANCE CHIEF: NexCen Brands Inc. has promoted Mark Stanko to chief financial officer. Stanko will maintain his cfo responsibilities at NexCen subsidiary NexCen Franchise Management Inc., a position he has held since joining the firm in April 2008. As cfo, he succeeds Kenneth Hall, who became chief executive officer after the resignation of Robert D’Loren in August. In other appointments, Martin Amschler was named chief development officer for NexCen Franchise Management and William Dolan was tapped for the new post of assistant controller of NexCen Brands. Also joining NexCen Franchise Management is Pam Price as vice president of domestic development.