• by Sarah Mahoney  @mahoney_sarah, December 16, 2024

WHP Global is buying Vera Wang, a brand that encompasses everything from $5,000 boutique wedding dresses to $20 pajamas at Kohl’s.

The deal, first reported by the Wall Street Journal and announced today, calls for Wang, 75, to continue in her role as founder and chief creative officer. In addition to fashion and bridal, it includes the many categories Wang had waded into, such as men's tuxedos and suiting, fine jewelry, fragrance, and home.

Wang, once an editor at Vogue and later a designer for Ralph Lauren, launched her company in 1990, and her brand now generates $700 million in annual sales.

Terms of the deal were not disclosed.

WHP Global, best known for rescuing floundering retail brands such as Toys R Us and Express, has $7 billion in annual retail sales. Based in New York, the company says the Vera Wang acquisition comes as part of a major pivot into fashion.

The acquisition anchors a new premium fashion vertical it is piecing together with other recent acquisitions, including Rag & Bone, Joe's Jeans and G-STAR.

"Vera Wang is a legend,” says Yehuda Shmidman, chairman and chief executive officer of WHP Global, in the announcement. “Her name is synonymous with modernity, artistry and impeccable style. We are honored to partner with Vera Wang and look forward to building on the brand's remarkable legacy with new business opportunities around the world."

Last week, Vera Wang announced a new collection as part of its ongoing partnership with Jared Jewelers. Jared Atelier X Vera Wang, the third collaboration between the two companies, includes natural diamonds and genuine rubies with three minimalistic motifs: diamond strings, ribbons, and serpents.

The collection ranges from $12,500 to $125,000 in price.