Bluestar Alliance Acquires Palm Angels
MILAN – Another New Guards Group chip is changing hands.
On Tuesday, global brand management firm Bluestar Alliance LLC revealed it has acquired luxury streetwear brand Palm Angels, founded by Francesco Ragazzi in 2015, from NGG. Ragazzi, who also served as creative director, will exit the brand.
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Financial details were not disclosed.
The deal follows Bluestar Alliance’s acquisition of Off-White from LVMH Moët Hennessy Louis Vuitton at the end of September, and reflects the firm’s continued expansion into the high-end streetwear and luxury fashion sectors.
Founded by the late Virgil Abloh in 2012, Off-White was licensed to NGG, a division of Farfetch, and the owner of brands including Marcelo Burlon County of Milan, Unravel Project, Heron Preston, Alanui, Peggy Gou, Ambush and There Was One, in addition to Palm Angels.
“We are thrilled to welcome Palm Angels into the Bluestar Alliance brand portfolio,” said Joey Gabbay, chief executive officer of Bluestar Alliance. “The brand’s unique ability to bridge the worlds of streetwear and luxury has set it apart in the fashion industry. We are committed to supporting Palm Angels as it continues to evolve, innovate and expand its global presence. This acquisition aligns perfectly with Bluestar’s strategy of growing iconic brands with strong cultural relevance and consumer appeal.”
In an interview, Ragazzi said he was “happy and proud of having built a successful brand that did not exist 10 years ago and that changed the rules. As it enters a new chapter, I step away with confidence and wish them the greatest success.”
He admitted he had “poured his soul into the brand, my baby, which has given me so much happiness and emotions, but there is a new path ahead for Palm Angels and I am curious to see how it will evolve. I have carved one path and I hope to carve many more.”
Palm Angels’ fashion collection stemmed from a book published by Ragazzi, who is also a photographer, in 2014. That book, simply titled “Palm Angels” with a foreword by Pharrell Williams, featured Ragazzi’s dreamlike images of the sun-saturated Los Angeles skate scene, a big visual and aesthetic source of inspiration for the fashion brand — as much as the palm tree. Over the years the brand has garnered a loyal following and significant influence within the fashion world.
Palm Angels has been sitting out fashion weeks in recent seasons after hosting one-off shows when they felt relevant to the brand’s message. The last show was held in Paris for fall 2023.
In September last year, the brand took part in Milan Fashion Week to unveil a photography exhibition marking the launch of a new book, “Decoding Palm Culture,” published by Rizzoli New York.
After graduating in fashion communication from Milan’s IED Istituto Europeo di Design school, Ragazzi worked for Moncler for nine years before being tapped as one of the guest designers of the Moncler Genius project. He is close to chairman and chief executive officer Remo Ruffini, whom he considers a mentor. Ragazzi has also logged in collaborations with Tod’s.
Palm Angels’ partnership with the MoneyGram Haas Formula 1 team launched in 2023. The brand made a splash at the 2024 Miami Grand Prix where it dressed drivers Kevin Magnussen and Nico Hülkenberg in the paddock. This move led the brand to receive major media impact and gain wider influence in the racing space.
Bluestar Alliance, founded by Gabbay and Ralph Gindi in 2006, owns, manages and markets a portfolio of consumer brands ranging from Hurley, Scotch & Soda and Bebe, to Elie Tahari, Kensie, Justice, Catherine Malandrino, Nanette Lepore, English Laundry, Brookstone, Joan Vass and Limited Too, with over $9 billion in global retail sales. The company manages a growing branded retail platform of over 500 stores throughout North America, Europe, Australia, South America, Asia, the United Arab Emirates, the Middle East, and India.
“Palm Angels is a brand that speaks directly to the cultural trailblazers — the underground tastemakers and fashion leaders who shape the future of style. In every community, there are those that set the trends, the visionaries who guide fashion’s evolution, and those individuals are wearing Palm Angels,” said Gindi, chief operating officer of Bluestar Alliance. “As we enter this exciting new chapter, we’re proud to bring together creative forces from around the globe to continue shape the future of fashion.”
Farfetch acquired NGG for $675 million in 2019. Coupang at the end of 2023 took control of Farfetch. As reported, in November, two weeks after losing the license to distribute Reebok footwear and apparel in Europe, NGG filed for Chapter 11-style proceedings in Italy, undergoing a restructuring and debt management process under Italian bankruptcy law.
The filing is known in Italy as a CNC, and offers troubled companies the time and space to restructure and chart a path forward. It is not an insolvency procedure.
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