New York-based Bluestar Alliance has acquired Palm Angels from NGG, adding another streetwear label to its portfolio following its Off-White acquisition last September. The financial terms of the deal were not disclosed.
The acquisition marks a new phase for Palm Angels, which began in 2014 as Francesco Ragazzi's photography project documenting Los Angeles' skateboarding culture. Over the past decade, the brand evolved into a fashion label that merged luxury with street culture, building a dedicated following among young consumers interested in art, music, photography, and street fashion.
As part of the transition, founder and creative director Francesco Ragazzi will leave the company. He announced his departure on Instagram, stating: "Palm Angels has shaped the intersection between luxury and street culture. As it enters a new chapter, I leave the brand with confidence and wish them the greatest future success". In previous interviews, Ragazzi had suggested that Palm Angels was designed to exist independently of its creator.
Ralph Gindi, Chief Operating Officer of Bluestar Alliance, which generates $8.5 billion in annual retail sales, described Palm Angels as "a brand that speaks directly to cultural pioneers, underground trendsetters, and fashion leaders who shape the future of style".
The acquisition aligns with Bluestar Alliance's strategy to strengthen its position in luxury streetwear, following its partnership with LVMH for Off-White. The company plans to expand Palm Angels globally, transforming it from a niche brand into a broader lifestyle label.
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Eric Grischott
Born in Groningen in 1991, Eric Grischott is a linguist with a deep-rooted passion for art, music, and fashion. His academic journey led him to graduate in languages, further enriching his linguistic prowess. His thirst for knowledge and cultural immersion took him abroad, where he gained invaluable experience and insights. Eric’s linguistic expertise is not confined to just theory. He has honed his skills in French and German through specialized DELF and DELE courses, demonstrating his commitment to mastering these languages. His passions extend beyond languages, encompassing the creative realms of art, the rhythmic world of music, and the dynamic sphere of fashion.