Derek Lam has sold his business to Public Clothing Company.
The American fashion designer founded the luxury Derek Lam Collection in 2003 before later launching the contemporary brand, Derek Lam 10 Crosby. However, in July, Lam and his business partner and husband, Jan Hendrik-Schlottmann, decided to close Derek Lam Collection to focus on 10 Crosby, which accounted for 70 per cent of the company's overall business at the time.
Executives at Public Clothing Company, which owns labels such as ATM Anthony Thomas Melillo and NOS - No Off Season, have now acquired 10 Crosby and appointed Lam chief creative officer of the business. Hendrik-Schlottmann and bosses at Sandbridge Capital, who invested in Lam's business in 2014, have sold their shares in the company.
Accordingly, Lam believes working with Dan Shamdasani, founder and chief executive officer of Public, will help grow the 10 Crosby brand.
"Dan and his team have a tremendous opportunity to grow the branded business, both geographically and with new product categories. There's a huge opportunity in international that has essentially been untapped," Lam told WWD. "We have really great products, it's about getting more eyes and letting more people know what Derek Lam 10 Crosby means. We're at a point of strength to grow business organically. It doesn't require that we rethink the business or immediately field new categories. Our partnership is to mobilise the growth."
Lam, who served as creative director of Tod's between 2005 and 2010, explained that his retail stores have closed, but the collection will still be sold at U.S. department stores such as Saks Fifth Avenue, Nordstrom, Neiman Marcus, and Bergdorf Goodman as well as online at their own website and retailers such as Shopbop, Intermixonline, and Net-a-Porter.
He also plans to continue introducing new collections four times a year.
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