VF Corp. is beefing up its contemporary sportswear coalition.
The Greensboro, N.C.-based manufacturing giant has acquired one-third of the capital stock of Mo Industries Holdings Inc., owner of the Splendid and Ella Moss women's labels. Terms of the deal were not disclosed, but the acquisition agreement includes a provision allowing VF to acquire the remaining stock early next year.
"We've stated our intent to grow in the women's contemporary sportswear area, and both the Splendid and Ella Moss Brands have demonstrated impressive growth and the ability to attract a loyal consumer following through superior products," said Mike Egeck, president of VF contemporary brands.
VF's contemporary brand coalition was founded in July when the company acquired premium denim brand Seven For All Mankind and women's active lifestyle company Lucy Activewear for an estimated $885 million. Egeck, then chief executive officer of Seven, who had been a VF executive before joining the premium denim firm, was named head of the division.
"Our vision for these brands is to continue their development with the addition of more products, expanded international distribution and deeper penetration with our existing U.S. retailers," said Moise Emquies, ceo and president of Mo Industries.
The Splendid and Ella Moss brands have seen revenues triple since 2004, generating a volume of more than $80 million last year.
"The deal is a good one for Mo Industries because VF brings a lot to the table, such as its complementary brands like Seven For All Mankind and its experience with global brands," said Fred Schmitt of Sage Group, the investment bank that represented Mo Industries in the transaction.
He said Mo Industries has a strong wholesale business and opportunities to expand into different product categories and in direct distribution. Splendid's and Ella Moss' products, such as tops, complement Seven's bottoms, providing possible synergies to VF's operations, he added.
Schmitt said Mo Industries is a "highly profitable" firm that is also "fast growing."
The current management team will stay on with the company, the banker said.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye