Palm Angels Acquired by Bluestar Alliance
Deal News | Feb 12, 2025 | PR Newswire Cision Bluestar Alliance, LLC
In a strategic move to bolster its presence in the luxury streetwear sector, Bluestar Alliance LLC has announced the acquisition of Palm Angels, a brand renowned for blending high-end fashion with street culture. The acquisition comes on the heels of Bluestar's recent purchase of the Off-White brand from LVMH, underscoring the company's commitment to expanding its influence in the luxury and high-fashion markets. Palm Angels, which originated in 2015, has quickly gained a formidable reputation for its unique aesthetic that combines American skate culture with Italian craftsmanship. Joey Gabbay, CEO of Bluestar Alliance, emphasized the brand's dual appeal in both the streetwear and luxury industries, aligning with Bluestar's growth strategy for culturally significant and consumer-attractive brands. Ralph Gindi, COO, highlighted Palm Angels' alignment with trendsetting and fashion-forward communities. Founded by Joseph Gabbay and Ralph Gindi, Bluestar Alliance manages over 400 brand licenses worldwide, with a global retail presence generating sales worth over $9 billion annually. The acquisition of Palm Angels positions Bluestar to continue shaping the future of luxury streetwear globally.
Sectors
- Fashion & Apparel
- Private Equity
Geography
- United States – Bluestar Alliance is headquartered in New York, USA, and operates a global network of brand licenses.
Industry
- Fashion & Apparel – The acquisition of Palm Angels, a luxury streetwear brand, directly pertains to the fashion and apparel industry, focusing on high-end and culturally significant clothing.
- Private Equity – Bluestar Alliance, a private equity firm specializing in brand management, is undertaking strategic acquisitions within the fashion sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bluestar Alliance LLC | Bidding Company | Company | A leading global brand management company, managing a portfolio of fashion, lifestyle, and consumer brands. |
| Palm Angels | Target Company | Company | A luxury streetwear brand known for blending skate culture and Italian craftsmanship. |
| Joey Gabbay | Chief Executive Officer | Person | CEO of Bluestar Alliance, instrumental in the acquisition strategy of the company. |
| Ralph Gindi | Chief Operating Officer | Person | COO of Bluestar Alliance, overseeing operations and integration of acquired brands. |
| Francesco Ragazzi | Former Owner of Palm Angels | Person | The founder of Palm Angels, known for his work in fashion and photography. |
| Sarah Rosen | Contact Person | Person | Contact at Bluestar Alliance for further information. |