NEW YORK — The Carole Hochman Design Group signed an agreement Friday to acquire the assets of Miami-based On Gossamer, a maker of contemporary foundations.
A purchase price was not disclosed. The Hochman company generates sales in excess of $150 million, while On Gossamer’s annual volume is more than $25 million, according to industry estimates.
The On Gossamer brand, which was created in 1988 by founder Bubbles Smolev, a former dancer and school teacher, is known for its sexy-looking bras and panties. The brand has been cited by a number of major department store buyers over the years for its quality and on-target fashion items.
“We will use the financial strength and our company strength to help On Gossamer and we are retaining the principals of the company,” said Neal Hochman, chief executive officer of the Hochman firm, reached Friday at the On Gossamer warehouse in Miami. “All of my kids at the company are ecstatic because they wear On Gossamer.”
Carole Hochman, design director and chairman, said, “It’s a great fit all around. I have great admiration for Bubbles for doing such high-quality work all of these years. It fits in with our agenda of high quality and product.”
On Gossamer joins a portfolio of innerwear brands at Hochman, including Betsey Johnson Intimates, robes and loungewear by Stan Herman and sleepwear by Lauren Ralph Lauren, Oscar de la Renta and Carole Hochman.
Neal Hochman said Smolev will continue as director of design and will work from her design studio in Miami. Smolev’s daughter, Haley Denman, will remain director of merchandising and will be based in Miami and New York, while daughter Jennifer Winpfheimer will continue to be based in Atlanta as Southeast sales manager.
On Gossamer’s warehouse in Miami will be closed. Following a one-week hiatus, shipments will resume from the Hochman company’s 250,000-square-foot facilities in Williamsport, Pa., said Neal Hochman. The On Gossamer showroom and offices will continue to be located at 183 Madison Avenue in Manhattan.
Denman said the two hottest-selling items in stores are a Bump It Up push-up bra with a signature mesh front treatment and a new line of fashion panties in sizes XS to XL.
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“We’ve had a 40 percent sales increase in the mesh panty classification and XL sizes are doing incredibly well,” she said.
Smolev said she was feeling “bubbly” over the deal. She said, “There will be a good synergy because the company understands the brand, represents it beautifully and wants to grow it.”