NEW YORK, Jan. 7, 2016 /PRNewswire/ -- Bluestar Alliance LLC and Michael Bastian announced today that a definitive agreement has been signed whereby Bluestar Alliance has acquired a significant interest in the Michael Bastian brand for an undisclosed sum. This new joint venture, MB Brand Holdings LLC, will be well capitalized to expand the footprint of the Michael Bastian brand.
"Michael Bastian is a natural fit within Bluestar's current portfolio of luxury designer brands and rounds out the men's side of our business," commented Joseph Gabbay, CEO of Bluestar Alliance. 'There is a tremendous void in the market for a true American men's designer brand. By working with him to develop a new mid-level department store tier to his business we will be able to offer his unique American point of view at affordable luxury price points. The first two classifications to roll out will be sportswear and tailored clothing with several category expansions to be announced in the coming weeks. Michael will be working hand-in-hand with our licensing partners to ensure the design aesthetic of the Michael Bastian brand that he is so well known for carries throughout all product lines."
"As we enter our 10th year in business, this is a great milestone in the history of our brand," said Michael Bastian. "While we have always been known for our luxury designer line, which we will still maintain, the expansion of our brand into new categories, markets and tiers of business is an important step in our goal of becoming a truly global lifestyle brand."
Founded in 2006, MICHAEL BASTIAN has established a significant profile in the American menswear landscape with his forging of a new path between what was formerly classified as either 'luxury' or 'designer' but in reality was a new way of dressing that combined the best of both worlds. The brand went on to garner 6 CFDA Menswear nominations, culminating in winning the Menswear Designer of the Year in 2011. He also was honored twice by GQ with inclusion in their 'Best New Menswear Designer in America' award.
In addition to his core business Michael Bastian has also participated in many successful collaborative brand partnerships, most notably GANT by MICHAEL BASTIAN, UNIQLO x MICHAEL BASTIAN and the development of a smart watch with Hewlett-Packard. These collaborations not only expanded the brand's visibility and value, but also proved the worth and viability of the brand name not only at the luxury level but also at the department store and fast-fashion tiers of the business both domestically and internationally.
"Michael is clearly an influencer in the Menswear designer space whose philosophy is predicated on classic American tailoring and sportswear with a modern fit," said Ralph Gindi, COO of Bluestar Alliance. "Michael will continue with his core MICHAEL BASTIAN collection while Bluestar will focus on brand development and strategic extensions."
"To truly fulfill the potential of our brand, we need to scale up significantly and this new partnership with Bluestar Alliance will give us that opportunity," commented Michael Bastian. "Bluestar has the ability to deliver and manage the best licensing partners while providing creative and financial commitments to marketing and exposure of the brand."
Bluestar Alliance, LLC, a brand management company is a closed private equity fund with $350 million of committed capital. Founded in 2007 by Joseph Gabbay and Ralph Gindi, Bluestar owns, manages and markets a growing portfolio of consumer brands including Nanette Lapore®, Catherine Malandrino®, Kensie®, Mac + Jac®, Joan Vass®, Kooba®, Yak Pak®, English Laundry®, Limited Too®, Harve Benard® and Larry Levine®. The company licenses its brands to a network of best-in-class strategic manufactures and retailers both in the US and internationally.
SOURCE Bluestar Alliance, LLC