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and the designer merry-go-round continues...
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Peter Som has reportedly resigned as creative director at Bill Blass, a year to the day since he joined the company.
Bill Blass’ decision to scrap the September fashion show in Bryant Park, due to financial woes, was said to be the last straw for Som, according to industry sources.
The designer label has been on the selling block for months, prompted in part by angry shareholders at its cash-strapped parent company NexCen Brands Inc. Bill Blass executives have been trying to persuade Som to delay his departure for fear the negative publicity would be detrimental to any potential financial suitors.
Som had been attempting to update the label with what he called “simple and effortless clothes that embody luxury — just like the photographs of Slim Aarons.” The women’s collection is believed to be a $15 million wholesale business, and licensing generates an estimated $250 million at retail. Throughout Som’s yearlong run at Blass, he has continued to design his own signature collection.
Reports of Som’s departure first appeared on fashionista.com.
Bill Blass executives did not return calls for comment.
Michael Bastian, who designs the men’s collection, said he has no plans to follow Som’s lead. “I’m sticking it out until they figure it out. I really love the potential of the brand.”
After resigning earlier this week, Som has reportedly been meeting with Bill Blass management to try to negotiate getting out of his contract. As of Thursday night, that was something that had yet to be achieved.
“They’re not letting him go,” said one source.
But without any runway show planned for Bryant Park, Som’s outlook is said to be, “Why should I be here?”
A statement released Thursday from NexCen and Som said, “Due to the restructuring of the Bill Blass brand, NexCen and Bill Blass creative director Peter Som have decided to forgo a runway show during this interim period and are now considering presenting a collection to retailers this season.” Officials couldn’t be reached for comment on Som’s departure.
All this turmoil has arisen at a time when NexCen is said to be nearing a sale of the designer house. Bankers and buyers eyeing the Blass brand have pegged a purchase price range of $26 million to $28 million. Still, the high-end price of $28 million is just more than half of the $54.6 million paid by NexCen in cash and stock for the brand in December 2006.