Friday, January 9, 2009

Peter Som Parts with Creative Design Studios, Cancels Fashion Show

Another retail marriage has dissolved.

Women's Wear Daily reports that Peter Som and Creative Design Studios, a subsidiary of Lord & Taylor LLC, have decided to part ways, undoubtedly due to the economic crisis that has delivered a major blow to the fashion retail industry. As a result, Mr. Som has cancelled his Fall '09 show for NY Fashion Week.
“We have realized that our strategic interests are no longer aligned and feel that this is the best direction for our company at this time,” said Som. “While these are challenging times for luxury brands both small and large, it’s an opportunity for us to reshuffle our deck of cards. I remain creatively inspired and am looking forward to exploring opportunities where we can grow with the right partner, or on our own.” (Source
NRDC Equity Partners, the parent company of Lord & Taylor, created CDS in 2007 with the purpose of working with American designers. They made an initial investment of $10 million in Mr. Som for a two-thirds stake in his company.
“Peter’s talent is enormous but the realities of today’s marketplace have forced us to reevaluate all of our strategic partnerships,” said Susan Davidson, ceo of CDS. “We need to focus all of our resources on our core businesses — Lord & Taylor and The Bay department stores.” (Source:
The last few months have been trying for Som. In Oct. '08, he left Bill Blass, due to lack of finances on the part of NexCen Brands, Inc., the parent of the Blass label. However, Elana Posner, co-owner of Peter Som Inc. remains optimistic, exploring options for the fall.

Here's a thought: Now that Peacock International Group is the new owner of the Bill Blass label, could Som give the Blass brand another shot?

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