Milly Sold to S. Rothschild Subsidiary

NEW YORK — Milly, the troubled advanced contemporary brand, has been sold to MMJ LLC, a wholly owned subsidiary of S. Rothschild, the 138-year-old privately held diversified apparel company here. The deal encompasses Milly’s intellectual property and selected assets, including designs, patterns, samples, fashion books, inventory and the supplier base. Terms of the deal weren’t disclosed. It was reported earlier this month that Milly was said to be struggling with a cash crunch and slower sales and was in talks with multiple potential investors. Cofounded in 2000 by Andrew Oshrin and Michelle Smith (who are in the midst of a divorce procedure), Milly generates about $43 million in wholesale volume. The company’s wholesale business at department stores has been challenged over the last two years, and the brand does the bulk of its business with major stores including Neiman Marcus, Saks Fifth Avenue and Bloomingdale’s, as well as Revolve, Shopbop and milly.com. “They [Rothschild] have the financial wherewithal and strategic setup to reinvigorate the brand,” said Oshrin in an interview Monday. “We are thrilled to have been in a place to purchase selected assets for Milly,” said Mark Friedman, president and chief executive officer of S. Rothschild. “We don’t want to change the DNA or

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