The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Jide Zeitlin and Lew Frankfort have teamed up to create Bleuacacia, a blank-check company that intends to buy brands that “have a powerful emotional engagement with millennial and Gen-Z consumers,” according to the company’s filings.
Zeitlin most recently served as Tapestry’s chief executive and was on the company’s board for 14 years. He resigned last year after sexual misconduct allegations became public. Frankfort served as chief executive of Coach from 1985 until 2014. The two will serve as co-CEOs of Bleuacacia, which is looking to raise $300 million from investors.
“This is a critical moment for consumer brands given the development of vaccines and the potential end of the COVID-19 crisis,” the company stated in its filings. “We believe that well-managed brands can realize tremendous growth over the next decade. As such, this is an exciting time to pursue acquisitions of globally relevant, premium and consumer-facing brands.”
SPACs — a special purpose acquisition company — have been rising in popularity in retail. Former Gap CEO Art Peck launched a SPAC this year to buy fashion brands in March, and Simon Property Group created one too in February.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.