The Coveteur may be getting a new owner soon.
The Canadian style web site is said to be in sale talks with Great Bowery, a New York umbrella agency that holds fashion and luxury talent firms Camilla Lowther Management, Streeters, M.A.P., and Bernstein & Andriulli, along with image licensers Trunk Archive and Gallery Stock. While the deal is still in its preliminary stages, a source speculated the price to be around $15 million. A representative of Coveteur could not be reached for comment, nor could a representative for Great Bowery.
Founded in 2011 by Stephanie Mark and Jake Rosenberg, editor in chief and creative director, respectively, Coveteur started off as a blog offering peeks into the closets of fashion types and influencers, but has since grown into a full fashion lifestyle site. A third co-founder Erin Kleinberg in 2014 left the site to start a creative agency and no longer has any involvement with or financial stake in the site. Coveteur now covers fashion, beauty, wellness, travel and culture, with a branded content and a relatively new e-commerce business as well. As of 2018, Coveteur’s revenue had grown an average of 60 percent for three years in a row, according to the company. Before Crawford’s investment, Coveteur hadn’t raised any money since 2012, a small seed round that included rapper Drake and Canadian investor BrandProject.
The site’s three-member advisory board is made up of makeup artist Bobbi Brown, fashion designer Prabal Gurung and supermodel Cindy Crawford, who last year made a minority investment in the company, which it used to expand into e-commerce and its own brand of products. Warren Webster came on in 2015 as Coveteur’s ceo after a year stint as interim chief operations officer of Gwyneth Paltrow’s Goop. The company is thought to have been exploring a sale for about a year.
As for Great Bowery, it was founded in 2015 by Matthew Moneypenny, who had in the previous decade founded Trunk Archive. He abruptly left the business in 2017 over disagreements with financial backer Waddell & Reed. He was replaced as ceo by Richard Companik, who helped found the company but in turn left last year. Managing director Howard Bernstein also left last year. Bernstein founded Bernstein & Andriulli in the Eighties and eventually merged with Great Bowery in 2017.
It appears Great Bowery has been without a ceo since Companik’s exit. The company is effectively owned by Waddell & Reed, a mutual fund, but Liz Sands joined Great Bowery as and adviser and non-executive director and chairman after Moneypenny’s departure. But buying up a site like Coveteur, which does a lot of brand editorial, collaborations and works with influencers, would surely create some “synergies” for the agency and its talent and production arms.
For More, See: