As the Western economies hit rocky roadies, more and more companies, including fashion companies, are going East. Seven For All Mankind Jeans is the latest to pack their wagon. Whether this is a mad gold rush which will ultimately leave the new panners out of pocket only time will tell.
Seven For All Mankind Jeans, the Los Angeles-based premium denim label, owned by manufacturing giant VF Corp., said this week that it had reached a distribution agreement with South Koreaâ€™s Cheil Industries Inc. Terms of the agreement were not disclosed, but include the planned opening of six shops-in-shops in major department stores this year.
â€œCheil Industries has over 50 years of experience in the fashion and textiles industry, as well as the motivation to build a strong retail business for us in Korea,â€ said Giuliano Sartori, Seven For All Mankind Vice President.
The story of premium denim is one that is intricately intertwined with the launch of 7 For All Mankind in Los Angeles, California in the Fall of 2000. 7 For All Mankind was the first company to truly bring premium denim to scale, marking Los Angeles, California as denimsâ€™ venerable center for research and development worldwide changing the landscape of denim forever.
7 For All Mankindâ€™s premium jeans literally exploded onto the scene, quickly earning critical acclaim and an immediate following for its innovative us of fits, fabrics, and finishes in denim. Sales for the first year reached a staggering $13 million, an unheard of figure in the denim market, and has continued to show exponential growth year after year. In the past seven years 7 For All Mankind has become both an established modern classic for its sophisticated fits as well as a leading trendsetter for its newest fashion forward washes and designs.
The brand, famously dubbed â€œSevensâ€ by fashion editors and stylists, grew to fame in no small part because it became an instant favorite among Hollywoodâ€™s elite. 7 For All Mankind jeans continue to rank as a preferred jean among Hollywoodâ€™s leading ladies such as Angelina Joile, Cameron Diaz, Jennifer Garner and Liv Tyler. Male celebrities such as Jake Gyllenhaal, Ben Affleck, and Ryan Reynolds became fanâ€™s of the brand shortly after the launch of the 7 For All Mankindâ€™s menâ€™s collection in 2002.
The company continues to grow and evolve as a true denim lifestyle brand, expanding its product line to include menâ€™s, sportswear, handbag, footwear and kids collections. The brandâ€™s offerings also continue to expand through innovative collaborations with highly regarded designers such as The Great China Wall, Zac Posen, Azzedine Alaia, Evan Yurman and Pucci. Exciting partnerships that push the envelope of design and creativity are now a signature part of the brandâ€™s exploratory endeavors. 7 For All Mankind continues to merge the worlds of denim and couture to redefine the fashion landscape. The brand is currently sold at luxury retail stores such as Barneys New York, Neiman Marcus, and Saks Fifth Avenue as well as high end specialty boutiques in over 80 countries throughout the world.
VF Corp has acquired Seven for All Mankind a leading premium denim brand for an estimated $775 million! Eric Wiseman, VF’s president said: “A business like Seven For All Mankind, it’s clearly a lifestyle brand, clearly has international potential and it has a great direct-to-consumer opportunity. We weren’t really in the premium jeans space and we don’t have a big portfolio of contemporary brands, but we were looking for a platform to build from. We think Seven, positioned in Los Angeles, will be a great platform for us.”
The question now is how will VF Corp grow the Seven for All Mankind brand to justify the $775 million price tag?