Palm Angels Acquired by Bluestar Alliance, Strengthening Luxury Streetwear Portfolio

Deal News | Feb 11, 2025 | PR Newswire Cision Bluestar Alliance, LLC

Bluestar Alliance LLC, a global brand management company, has acquired Palm Angels, a luxury streetwear brand, enhancing its portfolio of upscale fashion brands. This acquisition follows its recent procurement of Off-White from LVMH, signalling Bluestar's ambition in expanding its foothold in the high-end streetwear and luxury fashion sectors. Founded by Joseph Gabbay and Ralph Gindi in 2006, Bluestar manages a vast array of brands generating over $9 billion in retail sales globally. With more than 400 licensees and over 500 retail outlets in diverse regions including North America, Europe, and Asia, the company aims to transform niche and established brands into global lifestyle leaders. Palm Angels, launched in 2015 by Francesco Ragazzi, has made a mark by blending American skate culture with Italian craftsmanship. Bluestar envisions supporting Palm Angels' global growth, aligning with its strategy to cultivate culturally relevant iconic brands.

Sectors

  • Fashion and Apparel
  • Retail

Geography

  • United States – Bluestar Alliance is based in New York, signaling the primary geographic focus of the company.
  • Global – Palm Angels has a global audience, and Bluestar Alliance has international operations covering multiple continents, reflecting its worldwide influence and market reach.

Industry

  • Fashion and Apparel – The article discusses the acquisition of a luxury streetwear brand, Palm Angels, which is part of the fashion and apparel industry.
  • Retail – Bluestar Alliance manages a substantial retail operation with over 500 stores worldwide, indicating the relevance of the retail sector.

Financials

    Participants

    NameRoleTypeDescription
    Bluestar Alliance LLCAcquirerCompanyA global brand management company based in New York, expanding its portfolio in luxury streetwear.
    Palm AngelsTarget CompanyCompanyA luxury streetwear brand known for blending American skate culture with Italian craftsmanship.
    Francesco RagazziFounder of Palm AngelsPersonFounder of Palm Angels who chronicled the Los Angeles skate scene before expanding into a luxury streetwear brand.
    Joey GabbayCEO of Bluestar AlliancePersonCEO who emphasizes Bluestar's strategic interest in culturally relevant and iconic brands.
    Ralph GindiCOO of Bluestar AlliancePersonCOO highlighting the cultural alignment and strategic positioning of Palm Angels in fashion.