B. Riley Financial Inc. on Wednesday announced it has established a nearly $117 million investment portfolio for fashion brands.
The Woodland Hills financial holding company’s portfolio includes Catherine Malandrino, English Laundry, Joan Vass, Kensie Girl, Limited Too and Nanette Lepore brands.
Also, B. Riley has agreed to invest in Bluestar Alliance’s acquisition of Orange County-based Hurley brand, specializing in surf apparel, which is expected to close in December. Bluestar is a brand licensing and management firm based in New Jersey.
Parent company Nike Inc. announced it would sell Hurley to Bluestar on Tuesday with undisclosed terms, according to the Orange County Business Journal.
“Our significant investment in these seven brands provides balance to our more volatile businesses, while also supporting our dividend strategy,” Bryant Riley, chairman and co-chief executive of B. Riley Financial, said in a statement. “The shifting retail landscape has created more opportunities to acquire licenses for established and up-and-coming brands at an attractive valuation.”
Shares of B. Riley (RILY) gained 26 cents, or 1.1 percent, on Wednesday to close at $24.63 on the Nasdaq.