Monday, August 27, 2007
Russell Simmons it taking out the PHAT.
The Def Comedy Jam producer, clothing Mogul, meditating guru (when he's not cursing someone to shame) record exec, and etc. is stepping down from his CEO title at Phat Fashions. The clothing conglomerate has been sold to Kellwood (President Robert C. Skinner, JR) since January 2004 for a cool 140 million (according to All Hip Hop) but the business mega man stayed on as CEO helping with day to day operations and marketing until this point. Kellwood, who announced a new partnership with Longstreet Industries, also holds licensing to other clothing power houses the likes of Calvin Klein, XOXO, Nautica, Clairborne and more. Don't worry Kellwood knows what they are doing and Phat will continue to be Phat and collect a Phat check from the Phat money that comes out of consumer wallets and Gucci bag knock offs (which i actually don't knock baby!).
Russell quotes in a statement, "I have enjoyed my association with Kellwood over the last three years. We have accomplished much during this short period of time, and I leave the division and the brand in great hands. There are so many things I want to achieve, and this is the appropriate moment for me to move on to my next business venture."
Whatever new venture he's speaking of, because of Russell's amazing drive and business sense I feel it will be a large success! At this time Simmons will continue to run his trademark properties, the Russell Simmons-Argyleculture and Atman brands. I know RS is already busy with Diamond Empowerment Fund or D.E.F. group hosting the up and coming "Hampton's Go Green" fundraising event at the Hampton's mansion of club owners Mark Birnbaum and Eugene Remm. Russell Simmons always using his money for a GOODER AmericanA! "Thank you for coming, God bless you, goodnight."!!!
1. What is your most admired Russell Simmons creation or investment to date?
2. What do you think his new venture(s) may be?
3. It is for a great cause, but how much do you think the, "Hampton's Go Green" tickets cost per person??