Xcel Brands, which owns the rights to a variety of designer brands, has just purchased a new one: LOGO by Lori Goldstein.
The LOGO line, launched by Goldstein (pictured) in 2009 as an exclusive collection for QVC, includes jewelry, casual womenswear, outerwear, eyewear, jewelry, and activewear. It has generated $1.5 billion in sales during its history.
According to a April 5 filing with the Securities and Exchange Commission, Xcel paid $3.6 million for the brand—with $1.6 million being paid immediately, and the other $2 million due upon receipt of the first royalty payment by QVC. An additional $12.5 million is possible, depending on royalties.
In a statement, Xcel CEO Robert D’Loren said that LOGO will fit in well with Xcel’s stable of brands, which includes Isaac Mizrahi, Judith Ripka, Halston, C. Wonder, and Longaberger. Several of its brands have heavy presences on QVC.
“This new venture came as a natural partnership, with a common goal to drive robust expansion and bring the LOGO brand into its next phase,” said Goldstein in the same statement. “It will position us for significant growth.”
D’Loren told WWD that “our plan is first to grow [Goldstein’s] business internationally through QVC affiliates and other interactive television networks around the world.”
The purchase includes a 10-year employee agreement that calls for Goldstein to serve as chief creative officer and spokesperson for her brand. Her base salary will be $900,000 through the end of 2021 and $1.2 million every year after. The contract is subject to early termination by either party.
Goldstein, who spoke at a Women’s Jewelry Association event in 2012, has had a varied and storied career. She started out as a buyer for Fred Segal’s Los Angeles boutique, then moved to New York City to become a stylist. She has often worked with Annie Leibovitz; their collaborations include the photographer’s Gap and American Express ad campaigns. She has also held editorial positions at Allure and W.
(Photo courtesy of Xcel Brands)
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