Dive Brief:
- Bluestar Alliance has acquired Palm Angels, according to a Tuesday press release. Financial details of the transaction were not disclosed.
- The luxury streetwear brand was founded by former Moncler artistic director Francesco Ragazzi, who will leave his position with Palm Angels following the acquisition.
- Palm Angels joins a growing roster of fashion brands managed by Bluestar that also includes Scotch & Soda, Hurley, Tahari, Nanette Lepore, Catherine Malandrino and Bebe. The company has more than $9 billion in global retail sales, per the release.
Dive Insight:
Palm Angels was part of a stable of brands managed by Farfetch’s New Guards Group, which also managed the license for Off-White. Bluestar acquired Off-White from LVMH last year, adding to its growing roster of luxury labels.
“We are thrilled to welcome Palm Angels into the Bluestar Alliance brand portfolio,” Bluestar CEO Joey Gabbay said in the release. “The brand’s unique ability to bridge the worlds of streetwear and luxury has set it apart in the fashion industry.”
Gabbay said he planned to help Palm Angels “evolve, innovate, and expand” its international footprint.
“This acquisition aligns perfectly with Bluestar’s strategy of growing iconic brands with strong cultural relevance and consumer appeal,” he said.
The Italy-based streetwear line began in 2011 as an art project documenting Los Angeles skater culture and evolved into an apparel brand in 2015, per the release.
“Palm Angels has been shaping the intersection of luxury and street culture,” Ragazzi said in the release. “As it enters a new chapter, I step away with confidence and wish them the greatest success ahead.”
Bluestar was founded by Gabbay and its current COO, Ralph Gindi, in 2006. The brand management company works with a portfolio of owned, managed and marketed brands that includes more than 400 licensees, per the release. In addition, Bluestar has a branded retail platform of more than 500 stores in regions including North America, Europe, Australia, South America, Asia, the United Arab Emirates, the Middle East and India.
