The Vera Wang fashion brand has a new owner.
WHP Global, a leading brand management firm in New York, has agreed to acquire the IP of the Vera Wang brand. As part of the transaction, Vera Wang will continue in her role as founder and chief creative officer and will join WHP Global as a shareholder, continuing to have a role in shaping the brand’s creative direction and growth.
Financial terms of the deal were not disclosed.
“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. “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 standing true to the legacy of timeless sophistication and the distinctive style that defines Vera Wang.”
Yehuda Shmidman, chairman and chief executive officer of WHP Global, added, “Vera Wang is a legend. Her name is synonymous with modernity, artistry and impeccable style. We are honored to partner with Vera Wang and look forward to building on the brand’s remarkable legacy with new business opportunities around the world.”
Wang founded her business in 1990 and has become a leader in the fashion industry and an authority in bridal. She started her career as an editor at Vogue and after two decades became a designer at Ralph Lauren. Today, her eponymous brand generates over $700 million in annual retail sales across categories including women’s apparel, bridal, men’s tuxedos and suiting, fine jewelry, fragrance, and home, among other categories. Her designs have been worn by such celebrities as Ariana Grande, Beyonce, Hailey Bieber, Kim Kardashian and Zendaya. In 1990, Wang opened her flagship salon at the Carlyle Hotel in New York, ushering in a new way of doing business in the bridal industry.
WHP, whose total portfolio generates over $7 billion in global retail sales annually across fashion, sports and hard goods, looks for Wang to become part of its new premium vertical which includes Rag & Bone, Joe’s Jeans, and G-Star.
The transaction is expected to close in January. Solomon Partners L.P. acted as a financial advisor to Wang.
