Richie Adjmi has a new venture.
After 30 years, he has left the manufacturing company Age Group Ltd., his partners acquired his shares, to create Essential Brands, which will manufacture and license product for intimate apparel, sleep, home and accessories brands.
Adjmi said the move was a mutual decision and he has acquired intimate apparel brand Flora Nikrooz, which was owned by Age Group Ltd.
“Flora Nikrooz is a business that has been near and dear to my heart and I felt now was a good time to redouble the efforts and focus on something that I believe has a potential for growth,” Adjmi told WWD.
He plans on expanding the brand’s product offering and is looking for opportunities to license the brand.
He also has the home license for Cuddl Duds, a sleepwear brand owned by Komar.