Wed, 16 Feb 2011 | DIVISION SALE
Womenswear designer, Paul Costelloe, has secured a new licensing deal with Portuguese clothing supply group, Calvelex, after its former partner filed for administration.
The brand, which was founded in 1979 by the eponymous Irish-born designer, faced turbulent times last week when the supply group it was licensed to, Signature Brands International (SBI) entered administration. Calvelex director, Cesar Araujo, has said they have formed a new company, Couture Brands, which will now operate the Paul Costelloe womenswear licence.
The team of administrators handling the SBI winding up process, from financial services firm Ernst & Young, said that the prominent Dannimac brand - also licensed to SBI, among an array of fashion names - was still part of the administration process.
A spokesman for the administrators, explained, "The Paul Costelloe licence agreement with Signature Brands terminated following the appointment of administrators.
"The administrators were unable to sell the business as a going concern and are in the process of negotiating a sale of the company's assets. Dannimac is intended to be part of this sale."
Paul Costelloe retained the overall rights to his name when the licence deal with SBI was signed in 2000. The upheaval of the business is not expected to affect his traditional annual showing at London Fashion Week, which it will open in its traditional slot of 9am this Friday.
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