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Clover Corp., which has owned Robert Lee Morris Inc. since 1998, has parted ways with its founding affiliate, M. Fabrikant & Sons.
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All the assets and certain liabilities of the firm have been sold to entities owned by Lester Friedlander, a former officer of Clover Corp. and Robert Lee Morris Inc. Terms of the sale were not disclosed. Friedlander will now form Clover II Corp., which will serve as the business umbrella for Clover II and Robert Lee Morris.
The original Clover will cease to exist. The new Clover II will take over much of the former firm’s operations, including wholesaling jewelry to QVC, J.C. Penney and Sam’s Club, among other customers. Friedlander said the management group and staff at the two firms — Clover II and Robert Lee Morris — will stay the same, which includes Robert Lee Morris’ role as creative director. Friedlander will become president of Clover II. He added that the companies will operate individually on the front end, but will share back-end functions such as shipping.
The headquarters will continue to be based at 233 Spring Street in Manhattan. “We are delighted to finally be independent and free to pursue our businesses with 100 percent zeal for the first time,” said Morris of the deal. “Both our firms are growing quickly and we have a lot of plans on our plates that would be hampered if there were too many cooks in the kitchen. We are now a leaner, meaner, tighter machine.”
Morris has been busy this fall. Last month he launched an e-commerce Web site, as well as two jewelry collections based on Andy Warhol, including the less expensive Andy Warhol by Robert Lee Morris line and the more pricey Factory X assortment. Morris also recently collaborated with Donna Karan and Estée Lauder Cos. on the new DK Gold fragrance, and Catherine Malandrino on jewelry for her spring collection.
Morris, which signed a license last year with Warner Bros. to create jewelry for the “Superman” movie series and other DC Comics heroes, said there are other licenses in the works, which may include home goods. While there is no immediate plan to expand upon his freestanding retail doors, he did say he would begin remodeling the space at 400 West Broadway in January to better accommodate his various lines, and that he would like that space to serve as an inspiration for new in-store shops within department stores.
Friedlander said as a result of the new restructuring, Clover is hoping to up its fashion business to help its retailers offer more niche product. M. Fabrikant & Sons declined to comment on the sale.