WHP Global has added another brand to its growing portfolio.
The New York-based brand management firm has agreed to acquire the intellectual property of the Vera Wang fashion brand. As part of the deal, Vera Wang will continue in her role as founder and chief creative officer and will join WHP Global as a shareholder, continuing to shape the brand's creative direction and future growth.
Wang is expected to become part of WHP’s new premium fashion vertical which includes Rag & Bone, Joe’s Jeans, and G-Star. The WHP portfolio, whose brands that collectively generate over $7 billion in global retail sales, also includes Toys”R”Us, Express, Anne Klein, Lotto and others.
"Vera Wang is a legend,” said Yehuda Shmidman, chairman and CEO of WHP Global. “Her name is synonymous with modernity, artistry and impeccable style. We are honored to partner with Vera Wang and look forward to building on the brand's remarkable legacy with new business opportunities around the world."
Financial terms of the transaction, which is expected to close in January 2025, were not disclosed.
"WHP Global's forward-thinking approach perfectly aligns with my vision for the future,” said Wang, who founded the brand in 1990. “Together, we will push boundaries, exploring bold opportunities to expand into new categories and markets, all while staying true to the legacy of timeless sophistication and the distinctive style that defines Vera Wang.”
The Vera Wang brand generates over $700 million in annual retail sales across categories including women's apparel, bridal, men's tuxedos and suiting, fine jewelry, fragrance, and home, among others.