Palm Angels Joins Bluestar Alliance's Expanding Portfolio
Deal News | Feb 11, 2025 | PR Newswire Cision Bluestar Alliance, LLC
Bluestar Alliance LLC, a major player in global brand management, has announced the acquisition of the luxury streetwear brand Palm Angels. This move is part of Bluestar Alliance's ongoing expansion into the high-end streetwear and luxury fashion sectors, recently highlighted by their purchase of Off-White from LVMH. Palm Angels, established in 2015, is known for its unique blend of American skate culture and Italian craftsmanship, and has a significant presence in the global fashion scene. CEO Joey Gabbay expressed excitement at incorporating Palm Angels into the Bluestar Alliance portfolio, emphasizing the brand's influence and potential for growth. COO Ralph Gindi noted that Palm Angels resonates strongly with cultural trailblazers and is poised for further innovation and expansion under its new ownership. Palm Angels was founded by Francesco Ragazzi, who initiated the brand as a photographic exploration of LA's skate culture before transforming it into a highly influential streetwear brand. Bluestar Alliance, founded by Joseph Gabbay and Ralph Gindi, manages a diverse portfolio of fashion and lifestyle brands, generating over $9 billion in retail sales globally.
Sectors
- Luxury Fashion
- Brand Management
Geography
- United States – Bluestar Alliance is based in New York, making the United States a relevant geography for the article.
- Italy – Palm Angels, known for its Italian craftsmanship, adds Italy as a significant geography related to the brand’s influence and origins.
Industry
- Luxury Fashion – The acquisition of Palm Angels, a luxury streetwear brand, highlights Bluestar Alliance's focus on expanding its presence in the luxury fashion industry.
- Brand Management – Bluestar Alliance is a global brand management firm, and the acquisition is part of its strategy to manage and grow premium brands.
Financials
- 9 billion – Bluestar Alliance's portfolio generates over $9 billion in global retail sales.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bluestar Alliance LLC | Acquirer | Company | A global brand management company, focused on premium fashion, lifestyle, and consumer brands. |
| Palm Angels | Target Company | Company | A luxury streetwear brand known for its unique blend of skate culture and Italian craftsmanship. |
| Francesco Ragazzi | Founder of Palm Angels | Person | Started Palm Angels as a documentation of LA's skater culture, turning it into a leading streetwear brand. |
| Joey Gabbay | CEO of Bluestar Alliance | Person | CEO involved in the strategic expansion of Bluestar Alliance's brand portfolio. |
| Ralph Gindi | COO of Bluestar Alliance | Person | COO who supports the acquisition and expansion initiatives of Bluestar Alliance. |