This company was formerly known as I.C. Isaacs & Company, which was a very old retail clothing company, and a primary maker of garment/uniform manufacturing. To reflect the company's move away from its traditional roots, management decided to rename the company Passport Brands, Inc, which reflects the company's move into the design+marketing of high end niche products, most of which are international.
Former ISAC earnings guidance from 2006 - a year before the company went "dark."
"I.C. Isaacs & Company, Inc. Sees FY 2006 EPS At Lower End Of Previous Range-Monday, 13 Nov 2006 04:30pm EST
I.C. Isaacs & Company, Inc. announced that it is likely to report
earnings towards the low end of the previously issued range of $0.76
to $0.79 per diluted share for fiscal 2006."
There are three current segments of Passport Brand's business.
1) Marithe & Francois Girbaud (the company's legacy brand)
I.C. Isaacs acquired the United States license Girbaud over a decade ago from VF corporation (NYSE:VFC), and still holds it to this day.
History of Girbaud clothing
Note: Elle is one of the bigger fashion magazines
This brand has history with the current CEO, Robert Stec. Back in the early 1990's, Mr. Stec took control of the Girbaud division and built it into a powerhouse, and was the fastest growing segment of VF Corp.
1989 : Stec appointed head of Girbaud North America
1993 : Stec resigns to join Hat Brands
Article explaining Stec's performance while at VF managing Girbaud
Article explaining Stec's overall marketing prowess, calling him the "Vince Lombardi of marketing."
Here's a bunch more on Stec, he really is the real deal from all that has been found.
1999 : Appointed CEO of Lexington Home brands :
In 1999, same year as Bob took the reins, they signed on with a company called Viewpoint, who was trying to get a brand of furniture going that had gone through a rough first several years, the creators couldn't hardly get it going for a long time.
This is out of a paper that details the history of the brand :
(If you read the paper you will see this is significant).
The gorilla of all Tommy licensees is Lexington Home Brands, a North Carolina company that signed on with Viewpoint in 1999. In only a year and a half on the market, Lexington reports its Tommy Bahama furnishings have brought in more than $100 million in sales. But the Viewpoint guys haven't let Lexington president Bob Stec get to nine digits in sales the easy way. "The integrity of the brand positioning is paramount to them," Stec says. "If they saw a design that didn't fit Tommy's lifestyle, even if they thought it would do volume, they didn't do it. From an upholstery standpoint, they had a very clear view of what the fabrics should look and feel like. To them, the definition of the brand was so clear."
Top link on this google search :
Round two for Bob Stec, and he conquered this task. Of course, Tommy Bahama wasn't the only thing that Lexington sells, but it's just one of the brands.
2002 : He, along with others purchases Lexington Home Brands because they were so successful
Lexington Home Brands is being acquired by a group of the unit's senior executives, led by Bob Stec, president and CEO of LHB, and investment advisors Harris Williams & Co. LHB is a marketer and manufacturer of branded case goods and upholstery.
"The Lexington Home Brands team has pursued this transaction in order to accelerate its strategy of building a loyal branded consumer base through committed retail relationships with top retailers nationwide," Cole stated.
Notice a similarity here? "Investment Advisors"..... Passport Brands just appointed a Chairman of the Board who took a majority shareholder position in the company that has ties to the world of money. Bob pulled some strings, got someone to bite, and they took over LHB, just like it appears they did with ISAC.
2006 : Bob Stec resigns as CEO from LHB to spend time with his family.
LEXINGTON, N.C., June 2 /PRNewswire/ -- Lexington Home Brands ("Lexington") today announced that Mr. Robert ("Bob") Stec will be stepping down from his position as President and CEO of Lexington after a short and smooth transition period. Bob has decided to spend more time with his family, but will continue to be involved with Lexington as an active investor. A national search has been initiated for Bob's replacement.
In the interim, Mr. Asher Lepkin has been named Interim CEO and will work with the existing management team to implement the growth strategy begun under Bob Stec's leadership when Lexington was acquired by Sun Capital Partners, Inc. ("Sun Capital") in April 2002. Lexington Home Brands is an affiliated portfolio company of Sun Capital Partners, Inc., a leading private investment firm specializing in leveraged buyouts and investments of market-leading companies.
Bob Stec, President and CEO, Lexington Home Brands, stated, "I would like to thank Sun Capital and the management team and employees of Lexington for their support and dedicated effort in re-invigorating one of the most powerful brands in furniture. I look forward to my involvement as an active investor and am pleased that Lexington will continue to develop the strategic operating plan and brand strategy that we have outlined. It is now time to move on to the next phase of my life and focus on family matters."
2007 : Bob Stec is appointed CEO of I.C. Isaacs & Company, a company that had struggled with survival/image for years. The company goes into the dark soon after that, and now is about to re-emerge.
Rizzo Out, Stec In as Isaacs CEO
April 5, 2007
NEW YORK – Peter Rizzo resigned Thursday as chairman, chief executive officer and a director of I.C. Isaacs & Co. Robert Stec, a director of the company since 2002, has been appointed interim CEO of the company, which designs and markets François & Marithé Girbaud jeanswear and sportswear in the U.S. and Puerto Rico.
Rizzo joined the company as CEO in December 2003 and became chairman and a director in 2004 after serving for two years as a consultant to the Neiman Marcus Group. He was president and vice chairman of Neiman’s Bergdorf Goodman unit between 1999 and 2002 and president of Polo Ralph Lauren’s retail group for two years prior to that. Earlier in his career, he spent 19 years with Barneys New York, where his last post was executive vice president and head merchant.
Stec has had a long-running relationship with the Girbaud business and served as president of VF Corp.’s Girbaud division between 1989 and 1993 and as a consultant to the Girbaud business in 1997 and 1998. Concurrently, he was president of London Fog Industries.
Stec left the apparel industry in 1999 to become president and CEO of Lexington Home Brands.
One last thing - more reason to believe he's doing the same strategy again here :
Bob Stec was new to the furniture industry when he became CEO of Lexington Home Brands in 1999. As an executive with VF Corp. in Greensboro, a company that brands its products aggressively with names such as Wrangler, Lee and Vanity Fair, Stec said he saw the importance of making consumers care who made their furniture.
"This was a company that spent its time manufacturing products and selling them to retailers, with no emphasis on the consumer," Stec said. Through direct consumer research and the acquisition of partner brands such as Bob Timberlake, Tommy Bahama and Nautica, he said Lexington has "evolved into being a branded company from a no-name, with a higher level of emphasis on the whole marketing mix."
2) Flow Society - Company owned & designed brand
A few products :
A point of view from a lacrosse website out by their home base in NY
Flow Society at work (Syracuse Lacrosse team)
3) Brandina - Licensed upscale Italian brand. This brand is new to the portfolio, and not much information is available yet about it.
Marco Morosini is the creator of the brand, also works with Ferrari on some projects
Distribution Partner :Samsung SCTA
They have some pretty big clients too...looks like they may own/design FUBU completely themselves.
Some information found about a board member, Jonathon Spier, as well as Brandina's new marketing/brand development manager.
Former Ernst & Young Entrepeneur of the Year candidate before his founded company, Apparel Holdings Group, was bought outhttp://www.intellidyn.com/company/news/pr_052605.html
Leading off was Jonathan Spier, President/CEO of Apparel Holdings Group, who told of resuscitating a company that was on a fast track to doom, losing nine million dollars on sales of fifty million, and with no systems for effectively managing the company. What a difference a new perspective makes! The company now produces in twenty-four overseas countries, sells into every tier of distribution from K-Mart to Federated and May Company stores. Producing their own labels such as Caribbean Joe and Periscope, as well as private missy labels for several customers, sales are now expected to reach $600 to $700 million in 2004. How did they do it? Obviously decisions to do things differently drove the direction taken. From an investment banking background, the advantages of technology were well know to the investor group. In the last three years the company has implemented sales force automation by Computer Generated Solutions, Groupware using Lotus Domino and Notes, to eliminate lab dips and the delays in color approvals, spectophotometers are used to speed color values around the world, obtaining approvals in as little as one day where previously it was not unusual to lose six weeks in color approvals. The company distributes from three warehouses in Florida , New Jersey and California , with three offices in Manhattan .
Scott A. Sullens
Vice President Marketing & Brand Development for Brandina
Passport Brands INC
(Apparel & Fashion industry)
January 2011 — Present (1 month)
This is where he worked in the past :
Vice President Sales
Lexington Home Brands
(Privately Held; 201-500 employees; Furniture industry)
December 2004 — December 2006 (2 years 1 month)
(same time as Robert Stec)
Responsible for est. $45m in annual sales and managed 15 direct reports of a management owned company focused on mid to high-end furniture manufacturing and consumer lifestyle brands that include Tommy Bahama®, Liz Claiborne®, Nautica®, Trump Home®, Palmer Home®, Bob Timberlake®, and Woolrich®.
Timeline of Events
November 10, 2010 : I.C. Isaacs Retains Cameron Associates as Investor Relations Advisor
Of note in the PR :
"Over the last three years, Isaacs has repositioned its primary brand,
Marithe' + Francois Girbaud, an international French-based clothing
company with close to $300 million in annual sales into a positive
position in the young men's market segment,"
have established a new business platform, with an eye toward growing our portfolio of quality brand offerings.
"In the months and quarters ahead, we expect to grow revenue and to
establish a profitable and solid enterprise for our shareholders.
November 23, 2010 : I.C. Isaacs and Samsung Announce Addition of New Brand to Partnership (FlowSociety)
Of note in the PR :
Under terms of the partnership, a long term arrangement, first launched in 2009, Samsung replaced Isaacs' in-house logistics and warehousing and provides working capital financing for the company's two brands, Marithe+Francois Girbaud and Flow Society.
After a successful test marketing in both upscale specialty stores and Dick's Sporting Goods, Flow Society is being rolled out nationally beginning in the fourth quarter of this year. The product, which consists of patterned shorts, t-shirts, socks, hoodies and compression shorts is available in mens, boys and women's size ranges. "Initial consumer acceptance to the brand and the innovativeness of the product have been way above expectations," Stec added.
December 14, 2010 : Ernest Jacquet Elected Non-Executive Chairman of the Board of I.C. Isaacs
Of note in the PR :
Ernest J. Jacquet, 63, a long time investment banker and private equity fund manager, has been elected non-executive chairman of the board of the company. Mr. Jacquet holds a majority controlling interest of I.C. Isaacs, and has served on the company's board since 2008."
As the majority shareholder, Ernest understands and appreciates the potential of our unique platform for upper-end niche branded apparel and accessories," said Bob Stec, CEO of I.C. Isaacs.
"Under Bob Stec's leadership, Isaacs has re-established and repositioned its core brand and expanded its brand portfolio, strengthened its financial footing and created a solid foundation for future growth," said Ernest Jacquet. "Isaacs is entering a period of great opportunity and promise, and I am excited to be part of the next chapter in its long history."
January 6, 2011 : Name change from I.C. Isaacs to Passport Brands Inc.
Of note in the PR :
The entire staff has worked extremely hard over the last three years to the point where backlog year over year is more than double and we can now clearly focus on our new direction and the growth and development of the Passport Brands platform and the continued improvement of our operating results."
January 10, 2011 : Passport Brands, Inc. Signs Partnership with Brandina The Original
Of note in the PR :
Bob Stec, Passport Brands CEO added, "Brandina the original is a perfect fit for Passport Brands' premium niche brand strategy. Marco and Barbara have done an amazing job of creating and executing a true lifestyle concept that is fresh, exciting and fun. We believe that Brandina will be a long term lifestyle concept in this country and around the world."
Passport Brands expects to open the first several stores in second quarter of 2011 in high traffic destination cities around the U.S. The company is also planning the use of e-commerce, pop up stores and mobile retailing to quickly expand the brand.