NEW YORK — The Moret Group, which markets brands such as Everlast, Danskin and Hello Kitty, has purchased the junior/young contemporary sportswear line Boy Meets Girl.
Gary Herwitz, chief operating officer of the Moret Group, confirmed the acquisition Wednesday afternoon. The purchase price wasn’t disclosed, but market sources estimate the deal around $12 million. Boy Meets Girl, which was founded by Stacy M. Igel, was sold to Oved Apparel in late 2007. Igel had retained a 24 percent stake in the business, and will now have an ownership stake in Moret. Oved has sold its majority position.
Boy Meets Girl, which will be targeted to the junior/young contemporary customer, will launch as an e-commerce proposition, and then will start selling retailers for spring 2011. “Over the last six months, we have made a major investment in our e-commerce infrastructure, and we plan to relaunch Danskin.com on Sept. 1. We’ll use that same systemic platform for an e-commerce site for Boy Meets Girl,” said Herwitz.
He noted that Moret was attracted to Boy Meets Girl because of Igel’s background.
“She’s very talented and has incredible marketing skills and a dimension we don’t have as a company. Her wherewithal and knowledge of pop culture and social networking makes her a great partner. In the market we want to go after, it’ll be a great brand for that,” said Herwitz. Moret does private label for stores such as The Buckle, Forever 21 and Charlotte Russe, but doesn’t have a brand targeting that segment.
Igel, who will continue to serve as creative director, started the company in 2002 under the Deesh label. In 2006, she changed the name to Boy Meets Girl by Deesh, and it has since been known as Boy Meets Girl. The collection consists of flirty tops, dresses, sweaters, sweatshirts, sweatpants, jumpers, skirts, outerwear and accessories.
Oved, which has made its name in the men’s urban area, with brands such as Mecca and Akademiks, purchased a majority stake from Igel and all rights from JARS Designs, the brand’s former licensee, for an estimated $8 million.
Igel plans to make the line “a little bit younger and the price points much sharper,” geared to girls 12 to 22. Boy Meets Girl will be based at Moret’s showroom at 1411 Broadway in New York.