The US brand management group WHP Global LLC is expanding its portfolio. On Monday, the company announced that it had entered into an agreement to acquire the intellectual property rights of fashion label Vera Wang. The transaction is therefore scheduled to be completed in January next year. Financial details were not disclosed.
Vera Wang, the fashion house’s founder, will retain her position as Chief Creative Officer after the takeover and will participate as a shareholder in WHP Global, according to a statement.
Founder Vera Wang remains on board as chief designer
The 75-year-old designer and entrepreneur sees her brand in good hands. “I am very pleased to announce this new partnership with WHP Global. “We will now begin an incredible new chapter for the Vera Wang brand that I launched over 30 years ago,” she said in a statement.
“WHP Global’s forward-looking approach fits perfectly with my vision for the future,” emphasized Wang. “Together we will push boundaries and explore opportunities to expand into new categories and markets, while remaining true to the tradition of timeless sophistication and distinctive style that defines Vera Wang.”
The acquisition is a “decisive moment” for WHP Global, the company said. The takeover will add a vertically oriented company from the premium fashion segment to the existing portfolio, which includes the brands Rag & Bone, Joe’s Jeans and G-Star.