Weinstein buys Halston to restore brand

LONDON (Reuters) - Film producer Harvey Weinstein and private equity firm Hilco Consumer Capital (HCC) are together buying Halston with aims to revitalize the fashion brand that influenced a generation of designers.

Harvey Weinstein (R), Blockbuster Chairman, and Chief Executive John Antioco (C) and Bob Weinstien arrive for a news conference in New York November 15, 2006 file photo. The Weinstein brothers have partnered with investment firm Hilco Consumer Capital to buy the Halston fashion brand, which was favored by the international jet set during the 1960s and '70s. REUTERS/Brendan McDermid

Financial terms of the deal were not disclosed.

Hilco said on Monday night it would temporarily oversee day-to-day operations while a new management team is sought.

“We are very excited about the opportunity to bring back one of the truly great names in fashion,” Hilco Trading CEO Jeffrey Hecktman and HCC CEO James Salter said in a joint statement.

Tamara Mellon, co-founder and president of upscale shoemaker Jimmy Choo Ltd., will provide creative direction and help structure management.

Roy Halston Frowick rocketed to fame after designing a collection for Bergdorf Goodman in 1966, eventually claiming Elizabeth Taylor, Jacqueline Kennedy Onassis and Andy Warhol as clients and friends.

Halston became known for spare, elegant designs and use of the fabric “Ultra suede”. He also famously changed airline uniforms after creating a new look for Braniff Airlines.

“I have long believed that the glamour, elegance and timeless modernity of the clothes he created are as relevant today as they were when he stood at the epicentre of the fashion world 30 years ago,” Mellon said.

Halston died in 1990 of AIDS.

Weinstein Co. and Hilco bought the brand and other assets from Neema Clothing Ltd., whose founder and principal shareholder is James Ammeen.

Weinstein’s company, which launched in 2005 after he and his brother broke away from Walt Disney Co., is behind the hit fashion reality TV show Project Runway.

Hilco recently acquired CJ Apparel Group and the Caribbean Joe brand.