NEW YORK, United States — Marquee Brands has acquired the entire portfolio of brands from BCBG Max Azria Global Holdings for $108 million, BoF can exclusively reveal.
The acquisition of brands including BCBGMAXAZRIA, BCBGeneration and Herve Leger comes after BCBG filed for bankruptcy in March, closing 120 stores in a major restructuring, and confirms a report at the beginning of June.
Marquee's existing fashion portfolio includes Bruno Magli, Ben Sherman, and Body Glove.
“Acquiring these three brands is transformational for Marquee as we step firmly into women’s fashion and further diversify our portfolio,” says Zachary Sigel, managing director of Neuberger Berman, the equity company that sponsors Marquee Brands' acquisitions.
Global Brand Group will operate BCBG stores and global supply through a licensing partnership, according to a press release, expanding the BCBG brands' retail network of monobrand boutiques, shop-in-shops, department stores and e-commerce.
“BCBGMAXAZRIA and BCBGeneration each speak to a very specific woman who has come to rely on these brands to help express her unique style and personality," adds Cory M. Baker, chief operating officer of Marquee Brands. "Few women’s contemporary brands carry this much affinity among consumers and retailers alike.”
Max Azria, who founded BCBG Max Azria in 1989, and his wife Lubov Azria, who was its creative director until March of this year, together own 20 percent of of the company. They are in continuing negotiations regarding lease payments on property that they own and Mrs Azria’s severance package.
Last week, the couple launched an objection to the BCBG bankruptcy plan. The couple, who sold a majority stake in their company to Guggenheim Partners for $135 million in 2015, claim the plan requires broad releases of personal financial claims totalling over $360,000.