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Bluestar Alliance has added another luxury streetwear label to its portfolio.
On Tuesday, the brand-management firm announced its acquisition of Palm Angels, adding to a portfolio that includes Off-White, which it purchased from LVMH late last year.
Palm Angels' founder, Francesco Ragazzi, will depart the brand he established in Milan in 2015.
“As it enters a new chapter, I step away with confidence and wish them the greatest success ahead,” Ragazzi said in a statement.
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Bluestar Alliance plans to support Palm Angels as it expands its global footprint. Chief executive Joey Gabbay said in the announcement of the news that the brand has a “unique ability to bridge the worlds of streetwear and luxury,” and noted that the acquisition “aligns perfectly with Bluestar’s strategy of growing iconic brands with strong cultural relevance and consumer appeal.”
Palm Angels was part of the stable of brands managed by New Guards Group, the Farfetch-owned brand platform that also includes labels such as Marcelo Burlon County of Milan, Heron Preston, Ambush and holds the license for Off-White. Its sale arrives during a moment of turbulence for the group. In November, New Guards filed for bankruptcy protection in Italy in an effort to restructure its business.
Farfetch, meanwhile, was rescued from near collapse by South Korean e-commerce giant Coupang in December 2023. It had acquired New Guards Group in 2019.
Learn more:
LVMH Sells Off-White Brand to Bluestar Alliance
The struggling luxury-streetwear pioneer will join Bluestar’s stable of brands, including names like Tahari and Scotch & Soda.
