NEW YORK — After a full year of negotiations, Alvin Valley finally has a new business partner.
Jacques Moret, the activewear firm, has bought a 50 percent stake in Valley's company from Richard Rosenthal, the designer's business partner. Terms of the deal weren't disclosed, but market sources peg the purchase price at $23 million.
The Alvin Valley investment marks Moret's move into the designer category. Jacques Moret has been on a growth track in recent years, entering several new business ventures. In addition to Everlast women's and men's apparel, Norma Kamali by Everlast and its core Jacques Moret label, the company makes products under license for Jockey, Spalding and Etonic, as well as Danskin's Freestyle line sold in Target.
"We were after this for a while," said Valley Thursday. "It finally happened [Wednesday] and I can't believe it. Now everything will be much clearer and we'll have a better direction." Among his plans are to sell more stores in the U.S. and open accounts in Europe. "The business is expanding and they'll take us to the next level," said Valley, whose firm is based at 632 Broadway here.
Joey Harary, president of Jacques Moret, couldn't be reached for comment Thursday, but said in an interview last year, "We think he [Valley] is a wonderful designer. We see a lot of potential there."
In business five years, Valley achieved initial success with his tailored pants and quickly established a loyal following with his jackets and coats, as well as his cocktail dresses and gowns. The line has attracted celebrities such as Kate Winslet, Jennifer Lopez and Cameron Diaz.
Valley's ready-to-wear, called Alvin Valley Clothier Collection, is sold in Bloomingdale's, Neiman Marcus, Saks Fifth Avenue and about 300 specialty stores. He introduced a contemporary collection for spring retailing called As Is by Alvin Valley, which is priced roughly 50 to 75 percent below the top line. That line is currently sold in Bloomingdale's, Neiman Marcus and 350 specialty stores.
Valley explained that he didn't meet Harary through an investment banker or mutual friends.
"We actually met at a sample sale that his wife was shopping at here," said Valley. "I was going to give a lecture at Columbia Business School, and he ([Harary] heard me speak, and he said, 'I'd like to do business with you.'" The deal is effective immediately.Rosenthal plans to stay on at the company for the next two months until his contract expires.
Rosenthal and Valley became partners in 2000 after they were introduced by mutual friends following the relocation of Valley's business from Miami. Rosenthal, a former mortgage banker, became president and chief financial officer of Valley, and ran the day-to-day operations. Valley will serve as president of the company until a successor is found.
Valley plans to show his collection on Feb. 6 during New York Fashion Week at the W Hotel, where he has created exclusive pieces for its boutiques and the uniforms for Icon, one of the hotel's restaurants.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)