Bluestar Follows Up Its Purchase of Off-White With Another Luxury Streetwear Brand
Bluestar Alliance LLC, a global brand management firm, has acquired luxury streetwear brand, Palm Angels, from New Guards Group (NGG). Francesco Ragazzi, the founder and creative director of the brand, will depart. The financial details of the transaction were not revealed. The purchase marks yet another investment by Bluestar Alliance in the high-end streetwear and luxury fashion industry, following its recent acquisition of Off-White from LVMH Moët Hennessy Louis Vuitton.
NGG, a division of Farfetch, owned licenses to brands including Marcelo Burlon County of Milan, Unravel Project, Heron Preston, Alanui, Peggy Gou, Ambush, and There Was One, in addition to Off-White and Palm Angels. Virgil Abloh founded Off-White in 2012 and licensed it to NGG.
“We are thrilled to welcome Palm Angels into Bluestar Alliance’s brand portfolio,” said Joey Gabbay, CEO 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 a statement, Ragazzi expressed his pride and satisfaction for the successful brand he built from scratch in 2015. He discussed his devotion to Palm Angels and expressed curiosity about seeing the brand’s evolution. Ragazzi’s Palm Angels fashion collection originates from a 2014 book featuring his dreamy images of the LA skate scene and palm trees, inspiring the brand’s aesthetic.
The Palm Angels brand has opted out of recent fashion weeks and only hosted shows when they aligned with the brand’s message. It last presented its collection in Paris for Fall 2023. The brand participated in Milan Fashion Week in September 2020 to launch a photography exhibition and promote a new book, “Decoding Palm Culture”, which was published by Rizzoli New York.
Bluestar Alliance, which was started by Gabbay and Ralph Gindi in 2006, has a portfolio of consumer brands that includes Hurley, Scotch & Soda, Bebe, Elie Tahari, Kensie, Justice, and Catherine Malandrino, among others. The company manages over 500 retail stores on a global scale.
“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,” stated Gindi, Bluestar’s COO. “As we enter this exciting new chapter, we’re proud to bring together creative forces from around the globe to continue shaping the future of fashion.”
Farfetch had purchased NGG for $675 million in 2019, with Coupang taking control of Farfetch at the end of 2023. NGG filed for Chapter 11-style proceedings, known in Italy as a CNC, in November, leading to a further restructuring and debt management process under Italian bankruptcy law