NEW YORK — Phoebe Gubelmann, a minority stakeholder in Behnaz Sarafpour, has sold her share and left the company to pursue other interests.

Gubelmann and Sarafpour have worked together on and off for eight years. She assisted Sarafpour at Isaac Mizrahi in the mid-Nineties and joined her when she launched her namesake label in 2001.

At Sarafpour, Gubelmann was in charge of public relations. She couldn’t be reached for comment, but Sarafpour confirmed she bought out her business partner and is now the sole owner of the firm.

“She is basically not a part of the company anymore, but it makes no difference to us financially,” Sarafpour said. “It’s business as usual. She just wanted to take some time off, and it was a good time to do it right after the show.”

This story first appeared in the February 18, 2005 issue of WWD. Subscribe Today.