Foley represented Michael Bastian, CFDA 2011 Menswear Designer of the Year, in connection with the sale of a majority stake to Bluestar Alliance LLC. Bluestar's brands have current retail sales of over $1.5 billion, with over 200 licensees with global distribution. The brands owned, managed and marketed by Bluestar include Nanette Lapore, Catherine Malandrino, Kensie, Mac + Jac, Joan Vass, Kooba, Yak Pak, English Laundry, Limited Too, Harvey Bernard and Larry Levine.
As part of the agreement, Bluestar acquired a significant interest in the intellectual property of the Michael Bastian label, while the designer retained a key portion of the business, including control of the luxury line. The resulting joint venture, MB Brand Holdings LLC, will expand the Michael Bastian brand to develop a mid-level department store tier in sportswear, tailored clothing and numerous other categories.
“Foley has been a huge asset to the continued success of the Michael Bastian label and their legal counsel over the last four years has been invaluable,” said Bastian. “Foley’s landmark trademark victory with the Chinese Trademark Review and Adjudication Board (TRAB) in 2015 protected my brand from an intellectual property squatter in China, and was an important feature in the Bluestar deal.”
The Foley team was led by Partners Selig Sacks, Robert Weisbein and Christopher Rasmussen; other team members included John Palmer and Aaron Tantleff. The Foley team worked alongside Rick Kantor and Jodi Persichetti Greco of accounting firm CohnReznick LLP.
“Michael and I have worked together for over 10 years. It is particularly gratifying to see him enter into a partnership to expand his footprint while continuing to build the luxury label,” said Sacks. “My thanks to Rob Weisbein, Chris Rasmussen and our entire team at Foley."