NRDC Equity Partners, the private equity real estate firm that owns the famed US department store Lord &Taylor, has “parted ways” with the fashion designer Peter Som.
NRDC bought a majority stake in the fashion designers’ company in 2007 for a reported $10 million. At the time of the announcement, NRDC chief executive officer Richard Baker said Som represented the “future of the American fashion industry” .
The New York-based firm was co-founded by National Realty & Development Corporation executive Baker and AREA Property Partners veterans Bill Mack and Lee Neibart. In July, NRDC acquired Canada’s oldest retailer Hudson’s Bay Company for an undisclosed sum.
NRDC, which targets the retail, leisure, lodging and commercial real estate sectors, already owns the upscale clothes store Lord & Taylor, jewelry and homewares shop Fortunoff and manufacturing company Creative Design Studios.
Som’s designs were reportedly to be sold through the NRDC portfolio.
A spokeswoman for Som confirmed the designer and NRDC had “parted ways”. A spokeswoman for NRDC was unavailable for comment at press time.
According to Som’s website, celebrities such as Scarlett Johansson, Claire Danes and Camilla Belle were followers of the designer, who launched his own label in 2001 and, in 2007, was appointed creative designer of Bill Blass.