Hilco Consumer Capital, LLC ("HCC") and The Weinstein Co. ("TWC")
have partnered to acquire Halston, one of the most prolific fashion
names worldwide. Throughout its history, Halston has launched some of
the most influential fashion trends and inspired some of the most
iconic names in fashion. The investor group plans to revitalize the
brand, which is best known for dressing the international jet set
during the 1960s and 1970s. Among fashion industry leaders who will
help to structure management and provide creative direction for the
brand is Tamara Mellon, Founder and President of Jimmy Choo(R)
Limited. She has been named to the Halston Company's board of
directors.
The announcement was made today by James "Jamie" Salter, CEO of
HCC, Jeffrey B. Hecktman, Chairman and CEO of Hilco Trading, LLC, the
parent company of HCC, and Harvey Weinstein, co-chairman of The
Weinstein Company.
HCC, a private equity firm, leads the investor group. The company
specializes in building brand management enterprises through the
acquisition of retail and wholesale consumer brands. The Halston brand
and other assets were acquired from Neema Clothing Ltd., whose founder
and principal shareholder is James J. Ammeen.
HCC management will temporarily oversee day-to-day operations of
the newly formed Halston Company while a management team of leading
industry professionals is being interviewed and hired. Mr. Salter will
oversee the partnership on behalf of HCC and John Semel, Senior Vice
President of Business Development, will oversee on behalf of TWC.
A board of directors has been formed, which includes Mr. Salter,
Mr. Hecktman, Mr. Weinstein, Mr. Semel, Ms. Mellon and Mr. Ammeen. The
investment group is also in the process of assembling an advisory
board of leading business and fashion figures, which will be charged
with quickly putting in place a world-class CEO, lead designer and
creative team.
"We are very excited about the opportunity to bring back one of
the truly great names in fashion," said Jeffrey Hecktman and Jamie
Salter, in a jointly issued statement. "Halston was once an
international fashion superstar. We plan to rebuild the brand to its
former stature, and beyond, through the talents and efforts of an
elite business management team that includes the incredible creativity
and marketing prowess of Bob and Harvey Weinstein."
"Two years ago, when my brother and I started TWC, one key
component we were talking to the investors about was finding a name
brand to acquire to diversify our company, just like Arnon Milchan did
with Regency and Puma. As soon as Tamara Mellon brought this deal to
me, I knew that Halston would be the perfect fit for TWC," said Harvey
Weinstein. "Our company has already had tremendous success turning the
hit fashion show, Project Runway, into a global brand and we see the
same potential with Halston. We are thrilled to be joining this group
of investors and advisors to help reinvent one of the greatest brands
in fashion history. We believe this innovative partnership furthers
the natural connection between the adjacent worlds of entertainment
and fashion."
Tamara Mellon stated, "Halston is one of the truly iconic brands
of the last century. I have long believed that the glamour, elegance
and timeless modernity of the clothes he created are as relevant today
as they were when he stood at the epicenter of the fashion world
thirty years ago. I am excited to be part of a team that hopes to
bring the brand back for a new generation."
Joe Ravitch, managing director of investment banking for Goldman
Sachs, and a financial advisor to TWC stated, "When Bob and Harvey
created their new company they were very clear that they were going to
identify and build a brand that could be deployed across all of their
content. They have done exactly what they promised in a smart deal
with great partners."
The Halston acquisition adds to HHC's portfolio, which includes
recently acquired CJ Apparel Group and the Caribbean Joe(R) brand.
TWC's diversified interests already include the home video company
Genius Products(R), LLC, the private online community, aSmallWorld(R),
the Emmy nominated fashion television hit, Project Runway(R), as well
as being investors in the independent cable channel, Ovation(R).
About Hilco Consumer Capital, LLC
Hilco Consumer Capital ("HCC") was formed in 2006 to make private
equity investments in prominent consumer brands and build significant,
additional value in them through innovative product development,
creative marketing and licensing strategies. HCC is a unit of The
Hilco Organization, an international leader in business and business
asset acquisitions, asset monetization, asset valuation and
specialized corporate finance services. Headquartered near Chicago,
Hilco is a privately-owned platform of 21 operating units, each with
its own principals and management team. Under the leadership of
Jeffrey B. Hecktman, Chairman and CEO, Hilco has grown to employ
nearly 500 people in North America and the European Union.
About The Weinstein Company
The Weinstein Company (TWC) was created by Bob and Harvey
Weinstein, the brothers who founded Miramax Films Corporation in 1979.
TWC is a multi-media company that officially launched on October 1,
2005. Dimension Films, the genre label that was founded in 1993 by Bob
Weinstein, is also included under the TWC banner.
Since launching on October 1, 2005, The Weinstein Company has made
several investments in diverse companies including a 70% ownership in
the home video company Genius, aSmallWorld.net, the exclusive social
networking Web site, and Ovation TV, the cable channel devoted
exclusively to art-related programming, as well as launched Weinstein
Books, which will be distributed by Hachette Book Group.
Upcoming Weinstein Company films to be domestically distributed in
theaters by MGM include "The Ex" starring Amanda Peet and Zach Braff;
"The Nanny Diaries," based on the NY Times No. 1 best-selling
satirical comedy, starring Scarlett Johansson and Paul Giamatti; Rob
Zombie's reinvention of "Halloween" starring Malcolm McDowell and Brad
Dourif; and "1408" adapted from the terrifying short story by suspense
master Stephen King starring John Cusack, Samuel L. Jackson, and Mary
McCormack.
Other upcoming films to be released by The Weinstein Company and
Dimension Films include: "Grindhouse," a groundbreaking film that
unites two of the world's most legendary filmmakers Quentin Tarantino
and Robert Rodriguez; the romantic comedy "Dedication" starring Billy
Crudup and Mandy Moore; the heartfelt drama "Grace Is Gone" starring
John Cusack; and Wong Kar Wai's "My Blueberry Nights" starring Norah
Jones.
During the Weinsteins' tenure at Miramax Films the company
released some of the most critically acclaimed and commercially
successful independent feature films, which received 249 Academy
Award(R) nominations and won 60 Oscars(R).
