A historic deal to purchase Vera Wang’s intellectual property has been announced by WHP Global.
Along with other well-known brands including Rag & Bone, Joe’s Jeans, and G-STAR, Vera Wang joins WHP Global’s portfolio, marking a significant milestone in the company’s establishment of a premium fashion vertical.
As it establishes a high-end fashion vertical alongside brands like Rag & Bone and G-Star, WHP Global has announced the acquisition of Vera Wang fashion brand intellectual property, which represents a significant milestone. Vera Wang will join as a shareholder and continue to serve as the company’s founder and chief creative officer. The $7 billion fashion and luxury portfolio of WHP Global will be strengthened by the deal, which is anticipated to finalize in January 2025.
It is anticipated that the deal would close in January 2025, subject to standard closing conditions.
Vera Wang will stay on as the company’s founder and chief creative officer as part of the transaction, guaranteeing that her distinctive style will always be at the heart of the brand’s artistic vision. Wang will also become a shareholder in WHP Global, putting him in a position to actively support the company’s ongoing development and innovation.
The acquisition is expected to expand WHP Global’s portfolio, which together generates over $7 billion in retail sales annually across hard goods, sports, and fashion. According to a joint press statement from the two businesses, the agreement will also bolster Vera Wang’s standing as a major force in the luxury market and demonstrate WHP Global’s commitment to growing its presence in the high-end fashion industry.
“As we embark on an amazing new chapter for the VERA WANG brand, which I founded more than 30 years ago, I am thrilled to announce this new alliance with WHP Global. The forward-thinking strategy of WHP Global is exactly in line with my future goals. We are the frontier together. While adhering to the tradition of classic elegance and unique style that characterizes Vera Wang, we will push and investigate daring prospects to enter new markets and categories,” Vera Wang stated.
The legend is Vera Wang. Her name is a byword for creativity, modernity, and perfect taste. We are proud to be Vera Wang’s partner and eager to expand the brand’s remarkable history by pursuing new business prospects globally.” The CEO and chairman of WHP Global, Yehuda Schmidman, has been added.
There was no disclosure of the financial terms. Vera Wang received financial advice from Salomon Partners, LP.
