New York, United States
Hilco Consumer Capital, LLC ("HCC") and The Weinstein Co. ("TWC") have partnered to acquire Halston, one of the most prolific fashion names worldwide. Throughout its history, Halston has launched some of the most influential fashion trends and inspired some of the most iconic names in fashion.
The investor group plans to revitalize the brand, which is best known for dressing the international jet set during the 1960s and 1970s. Among fashion industry leaders who will help to structure management and provide creative direction for the brand is Tamara Mellon, Founder and President of Jimmy Choo(R) Limited. She has been named to the Halston Company's board of directors.
The announcement was made today by James "Jamie" Salter, CEO of HCC, Jeffrey B. Hecktman, Chairman and CEO of Hilco Trading, LLC, the parent company of HCC, and Harvey Weinstein, co-chairman of The Weinstein Company.
HCC, a private equity firm, leads the investor group. The company specializes in building brand management enterprises through the acquisition of retail and wholesale consumer brands. The Halston brand and other assets were acquired from Neema Clothing Ltd., whose founder and principal shareholder is James J. Ammeen.
HCC management will temporarily oversee day-to-day operations of the newly formed Halston Company while a management team of leading industry professionals is being interviewed and hired. Mr. Salter will oversee the partnership on behalf of HCC and John Semel, Senior Vice President of Business Development, will oversee on behalf of TWC.
A board of directors has been formed, which includes Mr. Salter, Mr. Hecktman, Mr. Weinstein, Mr. Semel, Ms. Mellon and Mr. Ammeen. The investment group is also in the process of assembling an advisory board of leading business and fashion figures, which will be charged with quickly putting in place a world-class CEO, lead designer and creative team.
"We are very excited about the opportunity to bring back one of the truly great names in fashion," said Jeffrey Hecktman and Jamie Salter, in a jointly issued statement. "Halston was once an international fashion superstar. We plan to rebuild the brand to its former stature, and beyond, through the talents and efforts of an elite business management team that includes the incredible creativity and marketing prowess of Bob and Harvey Weinstein."
"Two years ago, when my brother and I started TWC, one key component we were talking to the investors about was finding a name brand to acquire to diversify our company, just like Arnon Milchan did with Regency and Puma. As soon as Tamara Mellon brought this deal to me, I knew that Halston would be the perfect fit for TWC," said Harvey Weinstein. "Our company has already had tremendous success turning the hit fashion show, Project Runway, into a global brand and we see the same potential with Halston. We are thrilled to be joining this group of investors and advisors to help reinvent one of the greatest brands in fashion history. We believe this innovative partnership furthers the natural connection between the adjacent worlds of entertainment and fashion."
Tamara Mellon stated, "Halston is one of the truly iconic brands of the last century. I have long believed that the glamour, elegance and timeless modernity of the clothes he created are as relevant today as they were when he stood at the epicenter of the fashion world thirty years ago. I am excited to be part of a team that hopes to bring the brand back for a new generation."
Joe Ravitch, managing director of investment banking for Goldman Sachs, and a financial advisor to TWC stated, "When Bob and Harvey created their new company they were very clear that they were going to identify and build a brand that could be deployed across all of their content. They have done exactly what they promised in a smart deal with great partners."
The Halston acquisition adds to HHC's portfolio, which includes recently acquired CJ Apparel Group and the Caribbean Joe(R) brand. TWC's diversified interests already include the home video company Genius Products(R), LLC, the private online community, aSmallWorld(R), the Emmy nominated fashion television hit, Project Runway(R), as well as being investors in the independent cable channel, Ovation(R).
About Hilco Consumer Capital, LLC
Hilco Consumer Capital ("HCC") was formed in 2006 to make private equity investments in prominent consumer brands and build significant, additional value in them through innovative product development, creative marketing and licensing strategies. HCC is a unit of The Hilco Organization, an international leader in business and business asset acquisitions, asset monetization, asset valuation and specialized corporate finance services. Headquartered near Chicago, Hilco is a privately-owned platform of 21 operating units, each with its own principals and management team. Under the leadership of Jeffrey B. Hecktman, Chairman and CEO, Hilco has grown to employ nearly 500 people in North America and the European Union.
About The Weinstein Company
The Weinstein Company (TWC) was created by Bob and Harvey Weinstein, the brothers who founded Miramax Films Corporation in 1979. TWC is a multi-media company that officially launched on October 1, 2005. Dimension Films, the genre label that was founded in 1993 by Bob Weinstein, is also included under the TWC banner.
Since launching on October 1, 2005, The Weinstein Company has made several investments in diverse companies including a 70% ownership in the home video company Genius, aSmallWorld.net, the exclusive social networking Web site, and Ovation TV, the cable channel devoted exclusively to art-related programming, as well as launched Weinstein Books, which will be distributed by Hachette Book Group.
Upcoming Weinstein Company films to be domestically distributed in theaters by MGM include "The Ex" starring Amanda Peet and Zach Braff; "The Nanny Diaries," based on the NY Times No. 1 best-selling satirical comedy, starring Scarlett Johansson and Paul Giamatti; Rob Zombie's reinvention of "Halloween" starring Malcolm McDowell and Brad Dourif; and "1408" adapted from the terrifying short story by suspense master Stephen King starring John Cusack, Samuel L. Jackson, and Mary McCormack.
Other upcoming films to be released by The Weinstein Company and Dimension Films include: "Grindhouse," a groundbreaking film that unites two of the world's most legendary filmmakers Quentin Tarantino and Robert Rodriguez; the romantic comedy "Dedication" starring Billy Crudup and Mandy Moore; the heartfelt drama "Grace Is Gone" starring John Cusack; and Wong Kar Wai's "My Blueberry Nights" starring Norah Jones.
During the Weinsteins' tenure at Miramax Films the company released some of the most critically acclaimed and commercially successful independent feature films, which received 249 Academy Award(R) nominations and won 60 Oscars(R).
CONTACT: Hilco Consumer Capital, LLC Richard L. Kaye Chief Marketing Officer rkaye@hilcocc.com 847-418-2711 or The Weinstein Company Julie Cloutier julie.cloutier@weinsteinco.com 646-862-3825 or The Weinstein Company Emily Feingold emily.feingold@weinsteinco.com 646-862-3824
Source: Business Wire (Business Wire India)