ABS by Allen Schwartz acquired by Five Oak Brand Management Advisors
Celebrating 40 years as an iconic Los Angeles brand, ABS by Allen Schwartz will bring its unique brand of affordable luxury to Five Oak. | Photo courtesy of ABS by Allen Schwartz
Celebrating his brand’s 40th anniversary, designer Allen Schwartz has announced the acquisition of his Los Angeles label by New York, headquartered in Five Oak Brand Management Advisors. The agreement, announced on January 6, includes the acquisition of ABS by Allen Schwartz and all of its subsidiaries. Schwartz will remain creative director of the contemporary brand. Financial details of the deal were not available at press time.
“[Five Oak Chief Executive Officer Simon Douek] just wants to take over and stay with him. It’s not that he wants to overthrow it. He wants to make beautiful dresses and luxury sportswear,” Schwartz explained. “He has this entrepreneurial side that I like. The big [mergers-and-acquisitions] the guys just want to load the volume.
Through Five Oak’s management of the brand, Schwartz will gain a partner to lead it through licensing that aligns with the company’s vision of affordable luxury. Douek echoed Schwartz’s excitement about working together as Five Oak prepares to strategize for ABS by Allen Schwartz’s newest chapter.
“We are very involved in licensing and matching manufacturers with licensees. I saw great potential for the Allen brand to be licensed to top manufacturers in different categories and to expand the brand not just here in the US but around the world,” Douek explained. “Allen is one of the most talented people I’ve ever met. He’s very charismatic and outgoing. I was immediately drawn to him, his vision and his brand.
For Schwartz, the deal also means his brand will now experience the influence of New York sensibilities for a brand rooted in Los Angeles glamour. Under Five Oak, Schwartz hopes to augment the luxurious elements of Allen Schwartz’s ABS while allowing him to remain accessible with evening dresses retailing at $298-$498, jackets at $350-$450, blazers and lined pants $200-$350 and silk and cotton blouses $150-$300.
“The acquisition and the fact that everything will now be based in New York will increase speed, newness and the product will be better than ever,” Schwartz explained. “I love the affordable luxury mantra, but I will be able to offer the consumer a higher quality product in New York with a faster turn.”
Noting that Schwartz “does things to the max,” Douek is focused on supporting the brand with the same commitment and dedication the designer has shown to grow his business over the past 40 years.
“You’re going to see ABS by Allen Schwartz grow tremendously in the fashion realm, not only creatively, but also in brand reach at retail,” Douek said. “Our philosophy is to continue to maintain the heritage of the brand, to return to its core, its DNA. Allen has always made quality products at an affordable price. This is what we plan to do.