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NEW YORK, Jan. 8 /PRNewswire-FirstCall/ -- Kellwood Company and Phat Fashions, LLC announced the two parties have reached an agreement for Kellwood to acquire Phat Fashions, its licensing organization and its prized trademarks, Phat Farm(R), Baby Phat(R), and Phat(R). The announcement was made at a press conference today in New York City.
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"Before coming to this decision, we studied the urban lifestyle market for some time. The market represents purchases by consumers at retail of approximately $10 billion on an annual basis. Diversity of markets, brands, consumers and channels is Kellwood's hallmark. We are pleased to add Russell and Kimora Lee Simmons; and Phat Fashions to the Kellwood family. Phat Farm and Baby Phat are highly sought after brands, and we believe they represent the crown jewels of the urban business," said Hal J. Upbin, Kellwood chairman and chief executive officer.
"Since its inception in 1992, Phat Farm's revenues have grown dramatically every year. We are now at the point where we need the very best resources and infrastructure to build our underground phenomenon into a mainstream staple. Kellwood provides us with these opportunities. We are proud to be partners with the visionary team at Kellwood and look forward to developing Phat Farm into an institution that...