Sydney Sweeney launches lingerie brand with $1 billion boost from Jeff Bezos-backed firm
The billion-dollar backing
Sydney's lingerie brand
is backed by Ben Schwerin, a partner at Coatue, a private equity firm. Ben Schwerin is the former head of partnerships at Snap (Snapchat) and has many celeb and tech connections, as stated in the report by Puck.
Coatue recently got a $1 billion boost from Jeff Bezos and Michael Dell, through their
Coatue Innovation Fund
. So, even though Bezos didn't give money to Sydney directly, his fund supports the firm that is funding her, as per the reports.
Why Schwerin matters
Schwerin may have been hired by Coatue to use his celebrity contacts to bring in star-driven brands like Sydney's. Coatue usually doesn't invest in consumer products, so this shows how special and unique Sydney's deal is, as per the reports.
Lingerie teasers were clues
Sydney recently posted lingerie and swimsuit photos with model Amélie Tremblay, which now seem like a teaser for her brand. These posts now make sense as part of her brand marketing strategy to build buzz, according to the report by Puck.
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Writer's opinion on lingerie market
The reporter from Line Sheet has written a book about the lingerie business and thinks there's lots to discuss in the space. But they're waiting to see what kind of lingerie Sweeney is actually making and why before analyzing further, as per the reports.
Saks Global shared news that it got $600 million in new funding from its current lenders. CEO Marc Metrick said $300 million came in June, and another bond exchange will finish in August. Because of this, credit agency S&P Global might label Saks as in 'selective default', as stated in the report by Puck.
'Selective default' means Saks is choosing which payments to delay and which to pay — not full bankruptcy. Metrick told vendors that this isn't a full default and they plan to start repayments from mid-July, as per the reports.
S&P still said the deal is basically like a default, and that Saks is weak financially while competitors are growing. Saks has over $4 billion in real estate assets, but hasn't sold them quickly to cover debts, as per the reports.
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Other media like Bloomberg and The New York Times are also saying that Saks is in a tough spot, echoing earlier reports. Puck writer Bill Cohan says Saks is in trouble both in finance and retail, and the CEO may be downplaying it, according to the report Puck.
Phoebe Philo's brand is now available at McMullen, a store in San Francisco known for unique fashion. This shows Phoebe is expanding her brand's retail distribution after opening in Galeries Lafayette, Paris, according to the reports.
Her team is in talks with unexpected major U.S. stores to sell her clothes. Right now, the only online store selling Phoebe Philo is her own site: PhoebePhilo.com. The brand is keeping discounts low and exclusivity high, only offering private sales for select clients, as mentioned in the report.
Stores like Bergdorf Goodman offered some pieces in a private room, not the main floor. The Philo team wants to avoid hurting the brand's value by discounting or spreading too wide too early, as per the reports.
FAQs
Q1. Is Sydney Sweeney starting a lingerie brand?
Yes, Sydney Sweeney is launching a lingerie brand with backing from Coatue, a firm supported by Jeff Bezos and Michael Dell.
Q2. Was Sydney Sweeney at Jeff Bezos's wedding for business reasons?
Yes, her lingerie brand is linked to people in Bezos's investment circle, explaining her presence.
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