If at first he doesn’t succeed, dust off former American Apparel CEO Dov Charney and give him a new clothing company that sounds exactly like his last one!
Chad Hagan, managing partner and group president of the investment firm Hagan Capital Group, has announced plans to partner with Charney on a new apparel venture that, according to Women’s Wear Daily, will be a “basics brand for men and women,” which is “manufactured entirely in the U.S. and will begin with a focus on developing the wholesale channel.”
All we need is a scuzzy, over-lit, and cum-drenched advertising campaign and the Dov is back in business, baby!
Hagan previously teamed up with Charney in an attempt to buy back American Apparel (which is currently in financial dire straits) for $300 million. The bid was rejected by the company’s managing board and, in late January, a bankruptcy court approved an American Apparel restructuring that does not include Charney. While Hagen says that he and Charney are considering future attempts to buy back American Apparel, they are more focused on their new company.
“What’s important to us now is we’re able to form this new venture and put Dov at the helm and we’re going to do basics again,” he tells WWD. “We don’t want to just start with some funny, online brand. We’re going to do what Dov does best and then establish a robust e-commerce system. But we will not be debuting just as an online retailer.”
Hagen describes Charney as “a colorful CEO,” as beautiful in his flaws as he is in his limited skill set, which includes (and is limited to) manufacturing pricey homegrown basics that both show off your nips and fall apart in a matter of months.
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