listen to article
This voice is automatically generated. Please let us know if you have any feedback.
Diving overview:
Authentic Brands Group and Saks Global will form a joint venture called Authentic Luxury Group, which will include all Authentic-owned brands: Barneys New York, Judith Leiber Couture, Hervé Leger and Vince.
Saks Global was formed earlier this year to encompass Saks Fifth Avenue, Saks Off Fifth, Neiman Marcus, and Bergdorf Goodman, but Saks owner HBC’s acquisition of Neiman Marcus Group A final decision is pending. Authentic plans to take a minority stake in Saks Global, according to a press release from the companies on Wednesday.
The companies said the establishment of ALG is “subject to the completion of final documentation.” He added that the new organization will be an “incubator for brand growth” that includes not only fashion and retail, but also hospitality, real estate, art and travel.
Dive Insight:
Authentic founder and CEO Jamie Salter bills the new venture as a continuation of Barneys New York’s work with brand management company Saks.
Authentic acquired Barneys’ intellectual property in 2019 when the once-iconic retailer went bankrupt. Even before the acquisition was completed, Saks Fifth Avenue was announced as Barneys’ retail partner in the United States and Canada. Many observers see this as the moment when Barneys transformed from a broker of edgy design for fashionable city dwellers to a rental brand with global potential.
Barneys continues to attract attention, with the companies announcing Wednesday that “Barneys New York will be the first brand to aim for accelerated growth under the ALG platform.” This includes lifestyle projects like Barneys New York Residences, which opened in Tulum, Mexico earlier this year. The Barneys New York brand also has a “significant presence in Japan,” according to a release Wednesday.
The company’s portfolio is diverse. Authentic manages the intellectual property of some of the biggest names in sports, fashion and popular culture, including Shaquille O’Neal, David Beckham and Sports Illustrated. Brooks Brothers, Aeropostal, Forever 21. And Marilyn Monroe, Elvis Presley, and Muhammad Ali.