Private equity firm Hilco Consumer Capital has partnered with multi-media company The Weinstein Company to buy global fashion house Halston from Neema Clothing for an undisclosed amount. The company will now be called Halston Company.
“Halston is one of the truly iconic brands of the last century,” Tamara Mellon, the founder and president of Jimmy Choo Limited and a new board member of Halston, said in a statement. “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.”
In addition to Mellon, the board will also include Hilco’s chief executive officer, James Salter; the chairman of Hilco’s parent company, Hilco Trading, Jeffrey Hecktman; co-chairman of The Weinstein Company, Harvey Weinstein; founder and principal shareholder of Neema Clothing, James Ammeen; and The Weinstein Group’s senior vice president of business development, John Semel.
Hilco will oversee day-to-day operations of Halston until a management team consisting of industry professionals is hired, the groups said in a statement. The investors are also assembling an advisory board of business and fashion industry professionals, which will then select a chief executive offer, lead designer and creative team.
Bob and Harvey Weinstein, the brothers who founded Miramax Films, established The Weinstein Company in October of 2005. It has made investments in home video company Genius, as well as the social networking Web site aSmallWorld.net. The company also had a stake in the fashion television show Project Runway.
Founded in 2006 and based in Chicago, Hilco invests in consumer brands. It is a subsidiary of The Hilco Organization, a business asset acquisition and specialised corporate finance company. The company made another retail apparel investment when it bought New York-based Apparel Holdings Group for an undisclosed amount in January. Apparel Holdings makes clothing under the Caribbean Joe, Periscope and Cupid’s Cup labels.