Xcel entered into a merger agreement with NetFabric Holdings; and, immediately following the transaction, Xcel merged with and into NetFabric and NetFabric changed its name to Xcel Brands.
The company will manage Isaac Mizrahi's existing line which is sold on QVC under the "IsaacMizrahiLIVE" brand, and plans to announce license agreements for various apparel, footwear and home categories to launch at better retailers beginning next fall.
"Isaac Mizrahi is a timeless cosmopolitan lifestyle brand that represents the best of fashion," says Robert W. D'Loren, Xcel's chairman and chief executive officer. "We could not think of a more suitable brand then Isaac Mizrahi to be the cornerstone for our business strategy of acquiring brands with significant media presence that we can grow through bricks-and-mortar, internet retailers, and direct-response television channels such as QVC. We look forward to working with Isaac to grow the Isaac Mizrahi brand."
"This is a spectacular opportunity for our brand," says Isaac Mizrahi, who will serve as the company's chief designer for his namesake brand. "We've spent nearly a year working closely with Bob D'Loren and look forward to joining him at Xcel. I'm thrilled to be such a significant shareholder in the Company and believe that we are poised for growth."