BCBG Max Azria acquired by licensing company
BCBG Max Azria Group has been acquired by licensing and brand development company Marquee Brands.
Founded in 1989 by Tunisian fashion designer Max Azria, the BCBG Max Azria label is known for its party and cocktail dresses, with celebrity fans including Selena Gomez and Drew Barrymore.
However, the fashion house has struggled within the slow retail sector, and executives filed for bankruptcy protection in March (17) before undertaking a major restructure.
Yet the BCBG Max Azria name will live on, as Marquee Brands has now made a deal to buy the entire portfolio of brands from BCBG Max Azria Global Holdings, including the BCBG Max Azria, BCBGeneration and Herve Leger brands and all related intellectual property.
"BCBG Max Azria and BCBGeneration each speak to a very specific woman who has come to rely on these brands to help express her unique style and personality," said Marquee Brand's chief operating officer Cory M. Baker of the decision to acquire the firm. "Few women's contemporary brands carry this much affinity among consumers and retailers alike."
BCBG Max Azria, BCBGeneration and Herve Leger are the fourth, fifth and sixth investments for Marquee Brands following the acquisitions of Bruno Magli, Ben Sherman and Body Glove.
Marquee Brands executives plan to re-establish BCBG Max Azria, and continue to expand the label within branded boutiques, shop-in-shops, department stores and online platforms.
The brand will have core categories developed and managed through a licensed partnership with Global Brands Group, who will also operate the BCBG stores and supply global product.
While Marquee Brands did not disclose the deal's worth, Business of Fashion reports that the acquisition totalled $108 million (£81 million).
Max and his wife Lubov, who was formerly BCBG's creative director, have owned 20 per cent of the company since 2015, and are still reportedly in negotiations over lease agreements on property they own and Lubov's severance package.
The Azrias brought partners into their business for the first time in 2015, agreeing on a $135 million (£102 million) deal with Guggenheim Partners and its affiliates that changed the equity structure.