The US fire management group Bluestar Alliance LLC has continued its shopping tour. On Tuesday, the company announced the takeover of the Italian Sportswear brand Palm Angels.
Financial details of the transaction were not published. Most recently, the label majority belonged to the Italian New Guards Group, which had come into trouble after taking over her parent company Farfetch by the online retailer Coupang.
Bluestar had already acquired the off-White brand last autumn
Last autumn, Bluestar Alliance acquired the off-White label from the French luxury goods group LVMH. The company’s portfolio also includes brands such as Scotch & Soda, Hurley, Justice, Tahari and Kensie.
The purchase of Palm Angels underlines “the continuous expansion of Bluestar Alliance to the areas of high-end streetwear and luxury fashion,” said the new owner. “We are determined to support Palm Angels in the further development and innovation as well as to expand the global presence,” said CEO Joey Gabbay on the occasion of the acquisition.
Founder Francesco Ragazzi leaves Palm Angels
Francesco Ragazzi, the former creative director of Moncler, founded Palm Angels in 2011 as a photo project that was to document the skater culture in Los Angeles. In 2015, he developed a fashion brand from this where the New Guards Group acquired a majority stake in 2021.
With the sale to Bluestar Alliance, Ragazzi’s time ends with the brand. “Palm Angels shaped the interface of luxury and street culture,” he said in a statement. “Now a new chapter begins and I take confidence and continue to wish you the greatest possible success.”