Iconix Executive Named CEO at Sequential Brands Group
Los Angeles licensing company Sequential Brands Group Inc. has named Yehuda Shmidman as its new chief executive officer, replacing Colin Dyne, who resigned to pursue other opportunities.
Shmidman previously served as chief operating officer of Iconix Brand Group Inc., the large New York licensing company whose brands include Mossimo, Ed Hardy, Badgley Mischka, Marc Ecko, Joe Boxer, OP, Danskin and Fieldcrest.
Shmidman joined Iconix in 2005, the first year the company converted its business model to a brand-licensing company.
“With Yehuda’s proven track record, we are confident that we have the leader in place to execute our brand management and licensing playbook going forward. Sequential is embarking on the launch of the William Rast brand at JCPenney, and it has signed new cornerstone licensing agreements for its DVS and People’s Liberation brands. Under Yehuda’s direction, we look forward to Sequential continuing to build on the organic growth of its current brands and executing its pipeline of accretive acquisitions,” said William Sweedler, chairman of the Sequential Brands’ board of directors.
Until this year, Sequential Brands Group was called People’s Liberation, operating as a wholesaler and retailer of three brands: People’s Liberation, William Rast and J. Lindeberg USA.
But last year, the company’s executives decided to change its business format to a licensing company that acquires brands and then works with licensees to manufacture and distribute core products. The new business model was financed with $14.5 million in funds from Tengram Capital Partners in Westport, Conn., a private-equity firm that focuses on middle-market consumer and retail companies that own strong, recognizable brands. It has invested in brands such as Robert Graham, Ellen Tracy, Caribbean Joe, Design Within Reach and Field & Stream.
Sweedler, who is a co-founder and managing partner at Tengram, became the new chairman of the board this year.
Sequential’s new chief executive has many years of working in licensing and branding. Before joining Iconix, Shmidman worked with a start-up licensing company in New York that introduced designer Isaac Mizrahi to Target. The new chief executive hopes to continue with that creative style of branding.
“I believe Sequential is uniquely positioned to become one of the leading brand-management platforms in the world, and I am thrilled to be joining the organization as CEO to lead the charge,” Shmidman said in a statement.
People’s Liberation, launched in 2005, has had a number of ups and downs.
It took San Diego–based specialty-store chain Charlotte Russe to court to resolve the breakdown of a three-year deal worth $65 million when it was signed in 2008. The contract made Charlotte Russe the exclusive distributor of all People’s Liberation clothing.
That deal ran into trouble when a new management team took over the mall-based retailer. The two resolved their differences in 2011 with an out-of-court settlement for an undisclosed amount awarded to People’s Liberation.
In 2010, People’s Liberation had a net loss of $915,000 on nearly $20 million in revenues. In 2011, it saw a $2.3 million net loss on $6.87 million in revenues.
—Deborah Belgum
