The parking lot of the Simon Property Group’s North East Mall in Hurst, Texas, before it reopened in May. Mr Portell said Authentic's expansion from brands to physical retail makes sense, notwithstanding a shift to more online shopping. Salter is also an entrepreneur. as well as other partner offers and accept our, Alex Tai/SOPA Images/LightRocket via Getty Images, Bennett Raglin/Getty Images for Sports Illustrated Sportsperson of the Year 2019, David Cooper/Toronto Star via Getty Images, Visit Business Insider's homepage for more stories. The closed Brooks Brothers store on Madison Avenue in New York.Credit...Vincent Tullo for The New York Times. Mr. Salter’s brands have “variable rent” contracts with Mr. Simon’s malls, meaning their rent goes up and down with their sales and, in a lucrative arrangement, most don’t have minimums. Supporters say SPARC is saving the businesses it’s buying. “Does it have good archives we can bring back, because the world repeats itself all the time. Join Facebook to connect with Jamie Salter and others you may know. RESEND Sign up But even at that size, there are a lot of them. The building made the news when a part of its facade collapsed on Christmas day of that year, The Journal reported at the time. Despite being described by The Wall Street Journal as the "force behind Hilco," Salter left the firm in 2010. After Authentic Brands purchased the rights to the magazine, it inked deals to sell a dizzying array of Sports Illustrated branded products from swimsuits to CBD oils, and sold editorial operations to a third party that promptly laid off several Sports Illustrated reporters. The Two Men Buying Your Favorite Retailers. In filings, Forever 21, a top tenant at Brookfield and Simon malls in the year before its bankruptcy, said the aggregate occupancy cost for its stores was $450 million annually. Simon Property also holds about 7 percent after an investment in January, when it also increased its interest in SPARC to 50 percent, according to filings. ABG has revenues of $400 million, Forbes reported in 2018 — and that was before it acquired Lucky Brand and Brooks Brothers. I love the Jetsons. “But we started turning profits very quickly, and it started to be about building a business.”. "And by creating this portfolio effect, they're able to manage that risk better than either a brand owner or a single retailer would be able to," he said. The mall operators wanted their tenants to stay and ideally resume making money. Together, they are reshaping the American retail landscape. Understanding Authentic Brands’ business is crucial to understanding the tides of retail today. The Juicy acquisition in 2013, where Mr. Salter bought the brand but couldn’t secure its locations, made him realize the value of physical stores. What having storefronts does for Authentic Brands is give them an access point to consumers." But, he added, “It’s a lot easier when you have two guys, and if there’s a problem, you pick up the phone and work it out in 10 minutes.”. Authentic Brands tends to earn an estimated 4 to 6 percent in royalties through this model. Mr Salter expects Authentic's revenue from retail to rise by 50 per cent to about US$15 billion this year. "Owning brands that can't reach consumers isn't very helpful," he said. Simon Property chief executive officer David Simon told investors on a call a year ago that his company was open to investing in more retailers - as the bankruptcy of a major tenant, Forever 21, loomed. Salter spent four years as Ride's CEO, leading it through an initial public offering on Nasdaq, before stepping down in 1996, according to The Seattle Times. ABG also owns the exclusive rights to the likenesses of Marilyn Monroe, Elvis Presley, Muhammad Ali, and Michael Jackson, Bloomberg reported. Mr Salter's vision for the 200-year-old Brooks Brothers has elements of his previous playbooks, like potential brand collaborations. "They live off the music or off certain parts of the assets. Tell us what you think. Mr. Salter owned 20 percent, and Brookfield and Simon the rest. His four adult sons have followed him into the business and all work at Authentic, including his son, Corey, who serves as chief operating officer. VERIFICATION EMAIL. Salter: “Barneys New York will be moving to a new 50,000-square-foot boutique inside Saks on the fifth floor. Many of the acquisitions are being made through a joint venture with Mr. Simon called SPARC, for Simon Properties Authentic Retail Concepts. The company, founded by Mr. Salter in 2010, bets on famous names in fashion and entertainment, often buying their intellectual property with the aim of striking licensing deals with those who want to use the brand names internationally or on new products.


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