The operations part of fashion company Ellen Tracey, which was founded by Herbert Gallen in 1949, has been sold to RVC Enterprises. RVC also purchased a license to produce the brand's women's better and bridge sportswear lines.
Mark Mendelson, president and chief executive officer of Ellen Tracy, will become president of the Ellen Tracy division of RVC. The operations will remain in Manhattan, where RVC is located.
Financial terms of the transaction were not disclosed.
Market sources said there have been discussions for an Ellen Tracy line in the better category at Macy's. But Brand Matter president Rick Platt said Ellen Tracy's management has had conversations with a variety of retailers.
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Brand Matter will continue its business as owner of the intellectual property of Ellen Tracy and Caribbean Joe. As licensor, Brand Matter derives revenues from royalties generated from those trademarks.
"Brand Matter's plan is to acquire other trademarks," Platt said. "It's a case of getting the right fit."
RVC is owned by the Azrak family. The company is expanding its holdings and picking up good brands lately. It currently hold the licenses Luxirie and Dereon. It used to hold the licenses for Russell Simmons' Phat Farm and Baby Phat.
