Great Bowery has acquired digital media company The Coveteur. While terms of the transaction were not released, the estimated sale price was reported to be $15 million.
WHO: The Coveteur was founded in Toronto by Jake Rosenberg, Stephanie Mark, and Erin Kleinberg in 2011 as a blog for a sneak peek into the closets of fashion industry professionals. It has grown into a full-scale online publication and digital media company that covers fashion, beauty, culture, travel, and wellness; they have also recently added e-commerce to the mix.
Great Bowery is an umbrella agency in New York that holds fashion and luxury talent firms Camilla Lowther Management, Streeters, M.A.P., and Bernstein & Andriulli, along with image licensers Trunk Archive and Gallery Stock.
WHY: The acquisition will allow Great Bowery to expand the type of services it can offer its fashion clients that need to create more content across different types of media than they have in the past.
IN THEIR OWN WORDS: “What we see from our client’s perspective is they are looking for a more integrated approach from the organizations that they work with that supply creative services,” Great Bowery Chief Executive Liz Sands said, adding that her strategy for Great Bowery is to sit between larger agency players that move too slowly because of their size, and smaller, underfunded creative service companies that can’t execute on complex projects.
Sands added that the goal is to now to become “greater than the sum of [their] parts,” and allow each sub-agency in the Great Bowery umbrella to grow without losing their boutique, entrepreneurial culture and without scaling costs.
“I think for us it’s being able to staff up and have the right resources to execute all the ideas and initiatives that we want to do,” said Mark. “We wanted to make sure we found a partner that shared those values,” added Rosenberg.
DETAILS:
