Fairchild Fashion Media Sells Book Division to Bloomsbury
$6.5 million cash deal will be paid out in three annual installments.
Fairchild Fashion Media, the trade group within Condé Nast that publishes Women’s Wear Daily, Style.com and Footwear News, among others, has sold its book division, Fairchild Books, to the U.S. subsidiary of Bloomsbury Publishing Plc for $6.5 million. The cash deal will be paid in three annual installments.
Fairchild Books publishes textbooks and other educational resources for students in fashion, merchandising, retailing and interior design. According to the company, full-year 2011 revenues were about $7.5 million and before-tax net profits of $706,000.
Bloomsbury is probably best known these days for publishing Harry Potter, but the company also publishers non-fiction and academic titles. The company acquired Berg Publishers, also in the fashion market, in 2008 and will align Fairchild Books with this group with the idea of expanding its revenue opportunities in the U.S.
The sale is being positioned as an opportunity for Fairchild to focus on its trade titles. "We are delighted that Fairchild Books has found such a fitting strategic partner in Bloomsbury Publishing Inc., a leading academic publisher," says Fairchild Fashion Media president and CEO Gina Sanders in a statement. "At the same time, this sale will enable Fairchild Fashion Media to further expand upon our core business, including WWD/WWD.com, Style.com, Style.com/Print, FN, Beauty Inc., Menswear, Fairchild Summits, WWD Magic and FN Platform."
Last August, Fairchild Fashion Media launched a print version of Style.com, and at the same time announced the website was launching an e-commerce element as well.
Bloomsbury Publishing Plc’s 2011 revenues were about $165 million. Its specialty publishing group, which includes the academic titles, generated about $52.5 million. The U.S. subsidiary accounted for about 21 percent of Bloomsbury’s total revenues.
Media bankers DeSilva+Phillips advised Fairchild on the deal.