NRDC is acquiring a majority ownership interest in a new company to develop the Peter Som brand worldwide under a master license agreement.
Elana Posner, CEO of Peter Som Inc. and Peter's business partner of more than four years, will now be CEO of the newly formed company.
Richard Baker, CEO of NRDC Equity Partners says of the acquisition "Peter Som represents a generation of talent that has become the future of the American Fashion Industry. NRDC is committed to supporting the industry by investing in and nurturing American brands with tremendous potential for international growth. Peter's perspective on modern luxury coupled with his unique design sensibility gives us a solid foundation in which to build the brand."
In July 2007, Peter Som was appointed creative director of Bill Blass, the iconic American brand. In this role, he will oversee the company's entire women's collection, including all owned and licensed divisions. His first collection for Bill Blass is expected to be for pre-Fall 2008.
After creating a small capsule collection in 1999, Peter Som officially launched his brand in 2001. A graduate of Connecticut College and Parsons School of Design, Som has twice been nominated for the CFDA Perry Ellis Award for Emerging Talent; was among the 10 semi finalists in the Vogue/CFDA fashion fund initiative and was among the three finalists nominated for the 2006 Cooper Hewitt National Design Award for Fashion Design.
"I am very excited about the new partnership with NRDC," said Mr. Som, "as it will allow us to focus on the growth of the company and the continued development of our luxury brand. I look forward to a long and successful partnership and believe that we have a bright future ahead of us."
"NRDC is providing us with a unique combination of financial support and operational resources with a clear understanding of the potential of the Peter Som brand," explains CEO Elana Posner. "NRDC is committed to helping us access all of those opportunities, which we think are substantial". Elixir Advisors represented Peter Som.