NEW YORK — Penske Media Corporation and its subsidiary Fairchild Media today announced the acquisition of FashInvest, the innovator in connecting the fashion-tech, fashion, retail, and branded consumer goods sectors with the finance and investment sectors.
The financial terms of the deal were not disclosed.
This acquisition comes on the heels of Penske Media and its subsidiary Fairchild Media’s acquisition last month of Sourcing Journal, the premiere media brand for global executives focused on the sourcing and manufacturing industries. Both purchases significantly advance Fairchild’s and WWD’s position in today’s fashion, beauty, and retail business coverage.
“FashInvest has tapped into the vital intersection of finance and fashion—a business that has been built over the last decade on discovering and developing emerging fashion and retail brands and their access to capital markets. Fairchild Media has consistently been the leader in coverage of well-established global fashion brands, and with the acquisition of FashInvest the opportunity to deepen our coverage of emerging companies, start-ups, and the financial institutions (VC’s, private equity, etc.) that are shaping the future fashion industry is dramatically enhanced,” said PMC chairman and chief executive officer Jay Penske. “We are honoured to be the steward of this innovative company and continuing our investments in the Fairchild Media business.”
FashInvest, known for being “where fashion meets finance,” began as a series of educational industry events in 2009 and has rapidly evolved to now be a leading global media resource. FashInvest’s thousands of daily online news posts, reports, and exclusive interviews on the emerging fashion tech and fashion arenas have established it as today’s news authority for a growing number of fashion-tech and fashion entrepreneurs seeking the latest news on who has received funding, who is providing the funding, and what strategies are attracting financing.
“The injection of Penske Media resources into FashInvest will propel the brand and enable FashInvest to extend our reach into markets and geographic regions we have always looked to enter. We have seen an insatiable appetite for fashion brands, fashion tech companies, retailers and investors of all stages to stay current with the investment news, innovations and resources driving the industry. With this acquisition FashInvest is now the undisputed digital content and event production leader of this ever-growing space,” said FashInvest chief operating officer Erik Seel.
FashInvest’s groundbreaking events, which attract attendees from around the world, will now be bolstered by PMC and Fairchild Media’s robust event infrastructure. Renowned for their innovative, funding-focused networking opportunities between entrepreneurs, financiers, operating executives and service providers, FashInvest events are poised to expand and evolve on a global scale.
“The addition of FashInvest to Fairchild Media’s umbrella deepens our already encompassing coverage of innovative startups and their financing,” said James Fallon, editorial director of Fairchild Media. “Covering unique and disruptive entrepreneurs in fashion, beauty and retail and their monetary backers has been at the core of WWD’s ethos for decades, and we look forward to expanding our coverage in this vertical.”
FashInvest is joining PMC on the heels of PMC’s acquisition of Sourcing Journal, the media voice for the sourcing and manufacturing industries. Both join PMC’s fashion industry brands WWD and FN in addition to PMC’s lifestyle and entertainment brands Variety Inc., Deadline Hollywood, Robb Report, TVLine.com, Hollywood Life, and IndieWire as well as PMC’s global events and data services.