Wednesday, January 26, 2011 7:57:39 PM
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."
There are three current segments of Passport Brand's business.
1) Marithe & Francois Girbaud (the company's legacy brand)
http://liveontheflygirbaud.com/
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.
http://www.techagreements.com/agreement-preview.aspx?num=573650&title=IC%20Isaacs%20&%20-%20Girbaud%20Distribution%20Agreement
History of Girbaud clothing
http://www.answers.com/topic/marith-fran-ois-girbaud
Girbaud clothinghttp://nymag.com/fashion/fashionshows/2011/spring/main/europe/womenrunway/maritheandfrancoisgirbaud/
http://www.facebook.com/photo.php?fbid=457847294570&set=a.148353164570.111164.95526754570
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
http://www.highbeam.com/doc/1G1-8078439.html
1993 : Stec resigns to join Hat Brands
www.highbeam.com/doc/1G1-14695287.html
Article explaining Stec's performance while at VF managing Girbaud
http://www.allbusiness.com/north-america/united-states-north-carolina/386535-1.html
Article explaining Stec's overall marketing prowess, calling him the "Vince Lombardi of marketing."
http://www.allbusiness.com/north-america/united-states-north-carolina/386535-1.html
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 :
http://www.lexington.com/
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).
Top link on this google search :
http://www.google.com/#hl=en&source=hp&biw=1639&bih=771&q=a+brand+is+born+viewpoint&aq=o&aqi=&aql=&oq=&gs_rfai=&fp=1&cad=b
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
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."
http://www.thefreelibrary.com/Lexington+Home+Brands+Announces+the+Appointment+of+an+Interim+CEO.-a0146539699
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.
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."
http://www.bizjournals.com/triad/stories/2006/02/13/story5.html
2) Flow Society - Company owned & designed brand
A few products :
www10.shopping.com/flow-society-lacrosse-pinnies/products
A point of view from a lacrosse website out by their home base in NY
http://www.laxjournal.com/news/2010/11/23_the_right_gifts_make_for_a.php
Flow Society at work (Syracuse Lacrosse team)
http://www.lacrosseplayground.com/tags/flow-society
3) Brandina - Licensed upscale Italian brand. This brand is new to the portfolio, and not much information is available yet about it.
http://www.brandinatheoriginal.it/
Marco Morosini is the creator of the brand, also works with Ferrari on some projects
http://www.trendhunter.com/trends/marco-morosini-designer-for-ferrari-and-italian-fashion-interview
Distribution Partner :Samsung SCTA
Company site
www.samsungamerica.com/graphics/aboutscta.asp
They have some pretty big clients too...looks like they may own/design FUBU completely themselves.
http://www.samsungamerica.com/graphics/fashion.asp
Some information found about a board member, Jonathon Spier, as well as Brandina's new marketing/brand development manager.
Jonathon Spier
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
Timeline of Events
November 10, 2010 : I.C. Isaacs Retains Cameron Associates as Investor Relations Advisor
http://www.prnewswire.com/news-releases/ic-isaacs-retains-cameron-associates-as-investor-relations-advisor-107046558.html
Of note in the PR :
November 23, 2010 : I.C. Isaacs and Samsung Announce Addition of New Brand to Partnership (FlowSociety)
http://www.prnewswire.com/news-releases/ic-isaacs-and-samsung-announce-addition-of-new-brand-to-partnership-110129909.html
Of note in the PR :
December 14, 2010 : Ernest Jacquet Elected Non-Executive Chairman of the Board of I.C. Isaacs
http://www.marketwatch.com/story/ernest-jacquet-elected-non-executive-chairman-of-the-board-of-ic-isaacs-inc-2010-12-14
Of note in the PR :
January 6, 2011 : Name change from I.C. Isaacs to Passport Brands Inc.
http://www.prnewswire.com/news-releases/ic-isaacs--company-inc-name-changed-to-passport-brands-inc-113034364.html
Of note in the PR :
January 10, 2011 : Passport Brands, Inc. Signs Partnership with Brandina The Original
http://www.breitbart.com/article.php?id=xprnw.20110110.NY27483&show_article=1
Of note in the PR :
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