Penske Media Corporation (PMC), which publishes Variety and Hollywood Life, announced the acquisition of fashion and tech entity FashInvest.
Financial terms were not disclosed.
FashInvest will operate as an independent publication and continue to host its networking events.
PMC purchased Fairchild Media, which publishes Women's Wear Daily, from Conde Nast in 2014. Last month, PMC acquired sourcing and manufacturing trade publication Sourcing Journal. The FashInvest acquisition extends the company’s involvement in fashion, technology and finance.
FashInvest was founded in 2009 and began as a series of industry events at the epicenter of fashion and finance. It soon launched a website with editorial ranging from interviews with
industry luminaries to fashion coverage to advice for industry entrepreneurs.
PMC Chairman and CEO Jay Penske stated the acquisition gives Fairchild Media "the opportunity to deepen our coverage of emerging companies, start-ups and the financial institutions shaping the future fashion industry."
FashInvest COO Erik Seel added there was an "insatiable appetite" for fashion brands, tech companies, retailers and investors to "stay current with the investment news, innovations and resources driving the industry.”
FashInvest will benefit from PMC's SEO
practices to innovative partnerships and sharpen audience engagement. The company is reportedly looking to expand FashInvest's brand with a push to the West Coast and globally.