The deal market for at least one young designer seems to be heating up as the year comes to a close.
This story first appeared in the December 30, 2014 issue of WWD. Subscribe Today.
Andrea Lieberman’s ready-to-wear brand A.L.C. — which was courting the investment set this fall — is said to have found a buyer in Gary Wassner’s new venture InterLuxe, according to a source.
The specifics couldn’t be learned, but the investment is believed to value the company at $60 million, or one-times sales. After launching in 2009, the brand found a footing in the contemporary designer areas of leading retailers like Saks Fifth Avenue, Barneys New York, Nordstrom and Intermix, among others.
Reached while on vacation, Wassner said he had no information and was focused on InterLuxe’s first acquisition, Jason Wu.
Wassner is co-chief executive officer of the fashion factoring firm Hilldun and set up InterLuxe this year with Lee Equity. He serves as chairman of the venture, which is looking to build out a portfolio of brands.
InterLuxe plans to build up infrastructure of smaller companies with $15 million to $100 million in sales.
Lieberman, who could not be reached on Monday, built a reputation as a stylist working for Gwen Stefani, Gwyneth Paltrow, Kate Hudson and others. The New York native went to Parsons The New School for Design and had a store in the city called Culture and Reality before launching A.L.C.