The Unraveling Of NGG, Ye Fires His Loyalist Soldier And Nike Has A Moment
Womp Womp: FL, BIRK, LULU
New Guards Ungroup
When the José Neves-founded and led Farfetch collapsed and was acquired by Coupang in a $500M deal in December 2023, not a lot was said about what would become of New Guards Group (NGG), a holding company for multiple streetwear brands.
Recall if you will that Authentic Brands Group (ABG) launched a partnership with NGG to manage Reebok’s distribution in Europe. NGG was also tasked with leading brand collaborations. Given that ABG signed the deal with NGG in February 2022—not long before Farfetch began to spiral—timing could not be worse. From what I’m hearing, NGG’s handling of Reebok has been a colossal mess and ABG is planning to bring collaboration management back in house. Timing is uncertain. I reached out to ABG for confirmation, but haven’t yet heard back.
As for NGG itself, there was chatter back in January that Roberta Benaglia's Style Capital had made an offer to purchase th…
Keep reading with a 7-day free trial
Subscribe to Snobette News to keep reading this post and get 7 days of free access to the full post archives.