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Anne Klein, Lotto parent buys majority stake in Isaac Mizrahi

(Source: Isaac Mizrahi/Facebook)

Global brand management firm WHP Global has bought a 70 per cent stake in Isaac Mizrahi from Xcel Brands, in a deal valuing the American designer label at US$68 million.

Xcel Brands, a media and consumer products company specialising in livestream shopping on TV and online, will retain a minority stake of 30 per cent in the transaction and take $46.2 million in cash proceeds.

Yehuda Shmidman, chairman and CEO at WHP Global, said the company sees opportunities to expand the brand by using WHP Global’s platform and the reach of its fashion vertical, which already includes Anne Klein, Joseph Abboud, Joe’s Jeans, Logo and William Rast.

Mizrahi, who will continue as chief design officer, said he believes WHP Global will harness the power of his brand. “I couldn’t ask for better partners.”

Robert W D’Loren, chairman and CEO of Xcel Brands, said selling a majority stake of the fashion label marked a “transformative moment” for the company.

Isaac Mizrahi is an American designer who launched the label in 1987. The label features a variety of products including footwear, eyewear, watches, handbags and tech accessories. The company’s fashion creations have been worn by famous women including Michelle Obama, Oprah Winfrey, Meryl Streep, Selma Blair, Anne Hathaway, Naomi Campbell, and Kate Moss.

Through the acquisition, WHP Global now owns and operates brands with a combined turnover of more than $4.2 billion annually.

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