FashInvest, the Wilmington-based fashion industry investment-news-event site, has been acquired by Fairchild Fashion Media, an arm of Penske Media, the New York company that owns Variety magazine, Women's Wear Daily, and other clothing and entertainment oriented publications.
The sale was disclosed in an email from Erik D. Seel, the Villanova grad who co-founded FashInvest in 2009 with the late Delaware investor David Freschman. The parties have not disclosed a sale price.
Penske has "an incredible plan in place to both honor the intentions of the brand while also using its [own] deep resources" to tap "new and emerging markets," said Seel in a statement. "The next couple weeks will see some changes," he added, promising both firms will work to make "the transition as seamless as possible" as they prepare "surprises" for next year.
Penske is owned by Jay Penske, the Wharton-educated youngest son of NASCAR star driver Roger Penske, a Lehigh University dropout who parlayed his successful racing career into Penske Automotive Corp., which over the years has run a truck-leasing business (formerly in partnership with General Electric Corp.) and other automotive-industry ventures.