It’s hard to believe that a fashion house that was once making $500 million in sales in just a single year – and that was way back in the nineties – was just sold for a mere $10 million. However that is the case with the house in question — Bill Blass. After the departure of creative director Peter Som, the house recently announced that it was closing its doors, leaving its employees, some of which had been with the house since inception, without severance just before the holidays.
It didn’t take long for the company to sell, however. It was just announced that NexCen has sold the iconic American fashion house to Peacock International Holdings LLC, a men’s dress shirt and neckwear firm.
The sale of the company, per reps at NexCen who spoke to Reuters reporters, is due to their current efforts to divest certain non-core assets and focus on its franchising business which included labels such as retail footwear and accessories brands The Athlete’s Foot and Shoebox New York. NexCen further revealed that they will use the sale proceeds of the sale to pay down the debt associated with the floundering Bill Blass business which NexCen bought in late 2006.
Images courtesy of the Fashion Spot forums.