The group will fork over an additional $4.2 million to acquire the business.
Los Angeles-based Mizrahi counts Katy Perry, Nicole Richie and Riley Keough as clients. Her first Juicy collection hits stores in spring 2018.
Max and Lubov Azria aren’t happy with what they may be getting out of the plan.
GBG has also named Nathan Jenden as Bebe’s creative director.
The deal is effective beginning in the spring of 2018.
Sandra Kang has been named managing director of Brand Studio.
Founder Sean “Diddy” Combs will retain a minority stake and continue to be involved in the marketing for the 18-year-old label.
The gala takes place Nov. 9 at the American Museum of Natural History.
The collection will launch for spring 2017.
Among the 100 companies in the WWD Global Stock Tracker, it was J.C. Penney leading the way and Global Brands lagging.
In 2014, Li & Fung spun off its branding and licensing business into Global Brands Group, now headed by Bruce Rockowitz.