Farfetch snaps up Ambush brand
Well known in the industry for getting behind young talents that its directors consider to be visionaries, New Guards Group has acquired the Ambush brand. The Italian company, whose portfolio already includes prestigious labels such as Off-White, Heron Preston and Palm Angels, was itself acquired by luxury e-commerce giant Farfetch last August for $675 million.
This latest acquisition deal, closed for an undisclosed sum, marks the start of a new phase in the evolution of New Guards Group's portfolio. Ambush, a Tokyo-based label launched in 2012 by Yoon Ahn and her husband, rapper Verbal, began life as an experimental jewellery brand. The label later expanded its offering to include gender-neutral ready-to-wear, developing an avant-garde, deconstructed aesthetic and pursuing growth through savvy, big-name collaborations with the likes of Nike, Sacai and Off-White, quickly establishing itself as a rising star in the fashion world.
"I'm very impressed by all of the projects undertaken by Yoon and Verbal over the last few years," explained Davide de Giglio, co-founder and president of New Guards Group. "I really think that this partnership will be able to bring a new dynamic to the fashion landscape through the mixture of Japanese and Italian culture."
Ahn, who is also responsible for men's jewellery at Dior, commented that the deal should allow Ambush to "achieve unprecedented potential on a global scale" and "mix Japanese and Italian savoir-faire."
New Guards Group will be taking over at Ambush as of Autumn/Winter 2020, and will be bringing the Japanese brand's offering onto Farfetch, while also expanding its distribution network. Ahn will maintain her role as creative director at the label, with Verbal also keeping his role as president.
Taking a 75% stake in the promising labels that it acquires, New Guards Group reported revenues of $345 million in the fiscal year ended April 2019. A number of luxury groups, including France's LVMH, had considered purchasing the company before Farfetch took the industry by surprise, closing a deal with the Italian group in the third quarter of 2019.
Copyright © 2021 FashionNetwork.com All rights reserved.