Flour Fund’s David Hazan Discusses Ibex Purchase
March 23, 2018
Earlier this month, news arrived that Ibex – which ceased operations last November – had been sold to Flour Fund, a New York-based group led by marketing expert David Hazan. Flour Fund is made up of a group of investors with deep roots in the licensing and branding world.
Ibex, which specializes in wool garments and is based in White River Junction, Vt., ceased operations following a move to shut down its wholesale operations to focus on retail. In early January, an auction was reportedly held for the brand, trademarks, domain names and customer databases. Sales have reportedly been around $20 million over the last few years.
Flour Fund is still finalizing Ibex’s management structure and whether the brand will maintain a presence in Vermont. SGB Exec talked to Hazan to explore what’s next for Ibex.
SGM Exec: Why did Ibex appeal to the Flour Fund?
DH: Community, This is thematic in how we buy brands in general. Above everything, we acquire communities. A truly great brand to us is literally built by its community, and Ibex was clearly community-built. This was obvious in our discussions with the team, and in how much they spoke about Ibex from the community’s perspective rather than a management-oriented one. It was impossible to have any conversation about any part of the business without community anchoring it. This was a great sign for us.
Read the full interview at https://sgbonline.com/ibexs-new-owner-talks-up-merino-wool-brands-revival/.
Source: SGB Media