NEW YORK — Allegra Hicks has found a backer.
This story first appeared in the November 26, 2008 issue of WWD. Subscribe Today.
Less than a week after the ready-to-wear and home furnishings firm had gone into administration — the U.K. equivalent of Chapter 11 — AH Lifestyle Ltd., a newly formed company by a private investor, acquired the Allegra Hicks assets from the administrators for an undisclosed sum.
“I am delighted that a private investor came forward to fund the development of a new company to carry on the Allegra Hicks brand,” said Hicks, the company’s co-owner and designer. “This was a great vote of confidence in the brand and its potential.”
Hicks will continue to serve her namesake brand as creative director. She founded the company, which counts Gwyneth Paltrow, Brooke Shields and Oprah Winfrey among its clients, in 2003.
In the U.S., Hicks operates a boutique on Madison Avenue here, and her line is available in stores such as Saks Fifth Avenue, Bloomingdale’s and Ron Herman in Los Angeles.
AH Lifestyle plans to maximize the brand’s potential internationally. According to a company statement, the new investor will seek further growth capital from strategic investors over the next 12 months.