US lifestyle company Centric Brands has purchased the designer label Zac Posen for an undisclosed sum.
Under this transaction, Centric Brands will also buy all existing licences and collaboration agreements, as well as all associated intellectual property previously held by Z Spoke.
Zac Posen brand licences include women’s handbags and small leather goods such as hosiery and legwear.
The deal will not include the assumption of any liabilities relating to the predecessor business.
Centric Brands chief executive officer Jason Rabin said: “We are thrilled to welcome the Zac Posen brand into the Centric family. Zac is a talented and charismatic designer.
“The Zac Posen label is synonymous with exceptional craftsmanship and modern American glamour and is a red-carpet favourite among many of the world’s most famous celebrities.
“This acquisition adds a global, marquee designer brand to our portfolio of ready-to-wear women’s apparel and provides a platform to expand into new licensing categories, while supporting one of our strategies for growth.”
Started by American fashion designer Zachary E Posen in 2001, the namesake label has evolved to attract celebrities looking for high-end designer fashion.
Last year, Posen is reported to have closed his designer business after failing to find a buyer.
As part of the acquisition, Posen will advise on all creative and strategic direction, marketing and promotion aspects of the Zac Posen branded business.
Posen said: “I am looking forward to helping Jason and the team continue to identify and execute on strategic licensing opportunities and selectively build the brand’s global distribution and omnichannel marketing strategy.”
In October 2018, Centric Brands was created following the acquisition of a significant portion of Global Brands Group’s North American licensing business by Differential Brands Group.
Some of the company-owned brands are Hudson, Robert Graham, and SWIMS. The company licences over 100 brands.