Shared from www.businessoffashion.com
The brand was sold for $13 to $19 million, according to WWD, who first reported the news.
Minkoff will stay on in her role as chief creative officer while her brother Uri, who’d been serving as the company’s chief executive, will step down from his position and assume an advising role. A spokesperson for Rebecca Minkoff confirmed the sale to BoF, but declined to comment or share details.
Sunrise Brands, which is based in Los Angeles, owns the labels Current/Elliott, Equipment and Joie. The company did not respond to a request for comment.
The Rebecca Minkoff brand launched in 2005, and developed a following for its leather handbags. The company has been at the forefront of technology experimentation in fashion; launching rental, NFTs and even an OnlyFans account. In a 2019 interview, Minkoff said the brand had “north of $100 million” in gross sales, according to CNBC. However, the company was hit hard during the pandemic and struggled with its wholesale accounts cancelling orders.
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