NEW YORK — It looks like GM Design Group has a new owner.
According to sources close to the company, the bridge sportswear firm is being sold to Harvé Benard Ltd., a $100 million company that produces women’s better sportswear, outerwear, suits and dresses under the Harvé Benard brand.
Executives at both companies could not be reached for comment at press time Wednesday.
GM Design Group manufactures brands such as GarfieldMarks, Womyn and Options. Over the years, the GM Design Group overhauled its offerings and looked to build its distribution base by adding two new brands, iAlex-Alex Garfield and Range93.
In 2004, the firm, previously named Garfield & Marks, was bought by a consortium of private equity funds led by Boston-based Falcon Investment and renamed GM Design Group. The deal was developed by retail consulting firm Jones Texas Inc., where Edward M. Jones 3rd is chairman and chief executive officer. Jones, who was GM Design Group Ltd.’s chairman and ceo, left the company in September.
Harvé Benard owns a majority interest in sportswear and outerwear firm New Frontier, which was bought from the Windsong Allegiance Group LLC in January.