Vera Wang is selling her namesake brand after nearly 35 years in business.
Management group WHP Global has acquired the IP of the brand, the companies announced Monday. As part of the deal, Wang will stay on as founder and chief creative officer of the label, as well as join WHP as a shareholder. The group also owns fashion labels including Rag & Bone, G-Star, Isaac Mizrahi, Anne Klein, Bonobos and Joe’s Jeans, kids retailer Toys R Us and, as of June, mall brand Express. Terms of the Vera Wang deal were undisclosed.
“I am so excited to announce this new partnership with WHP Global as we embark on an incredible new chapter for the Vera Wang brand, which I began over 30 years ago,” said Wang in a statement. “WHP Global’s forward-thinking approach perfectly aligns with my vision for the future. Together, we will push boundaries, exploring bold opportunities to expand into new categories and markets, all while staying true to the legacy of timeless sophistication and the distinctive style that defines Vera Wang.”
“Vera Wang is a legend. Her name is synonymous with modernity, artistry and impeccable style. We are honoured to partner with Vera Wang and look forward to building on the brand’s remarkable legacy with new business opportunities around the world,” added Yehuda Shmidman, chairman and CEO of WHP Global.
Wang, 75, got her start in fashion with a job at Vogue and also spent time at Ralph Lauren before deciding to launch a bridal line. The Vera Wang brand has been independently owned since its founding in 1990, with Wang as the sole owner and reporting more than $700 million in annual sales, according to the company.
What started as a single bridal salon in The Carlyle hotel grew to a fully fledged lifestyle brand. Wang introduced ready-to-wear in 2000, has launched homeware, jewellery, fragrance and shoe categories and partnered with Kohl’s and David’s Bridal on diffusion lines. Her bridal looks are a celebrity favourite: she’s designed wedding dresses for a long list of famous clients, including Ariana Grande, Beyoncé, Jennifer Lopez, Mariah Carey, Uma Thurman and Vanessa Hudgens.
WHP Global was formed in 2019, and is a private equity-backed firm created to license and grow consumer brands. With the acquisition of Vera Wang, WHP is creating a premium fashion vertical with the likes of Rag & Bone, Joe’s Jeans and G-Star. The company’s portfolio does over $7 billion in global sales.
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