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12 ReTech taking over Rune

17
Feb '19
Courtesy: Rune
Courtesy: Rune
12 ReTech Corporation is in the process of taking over New York-based Rune NYC, a women’s activewear brand targeted at fashion conscious woman. 12 ReTech has signed a definitive exchange of equity agreement to acquire control of Rune NYC. Rune members representing over 77 per cent of the equity have already agreed to tender their equity to the company.

Adding Rune’s operations which is an up and coming women’s apparel brand that already sells their activewear products through a variety of well-known domestic USA sales and distribution channels, will bring immediate brand awareness and revenues to 12 ReTech. In recent years, Rune’s annual revenues have been as high as $1.4 million while although 2018 revenues were approximately $800 thousand.

The target date for the completion of the Rune acquisition is February 28, 2019.

Angelo Ponzetta, 12 ReTech’s CEO commented, “Rune is an exciting addition to our portfolio of women’s apparel brands. They have designs that are in demand and the ability to bring new ideas to market quickly. Synergistically, our own manufacturing operations will help to improve margins in their business and their existing sales channels will be a great place to introduce our other brands into. I am positive that with our assistance, over the next year Rune will be generating record revenue run rates for their brand.”

Greg Haehl, manager of Red Wire Group, said, “This is one of the reasons we teamed up with 12 ReTech! Their ability to attract synergistic acquisitions that will fully utilise our production ability to manufacture quality products while increasing margins for our brands is exciting! And Red Wire can certainly accomplish that!”

Emily Santamore, managing member of Rune NYC commented, “I am excited to become part of 12 ReTech team. Since our inception, I have developed a nice following for my brand over the last six years and believe that 12 ReTech will help me grow Rune’s followers quickly. The obvious synergies between our businesses will help me to concentrate my time on where it is best spent, in apparel design and sales, which will benefit all our 12 ReTech brands. I am also excited to learn about 12 ReTech’s retail technology and how I can utilise it to grow our Rune NYC brand.”

Hub Blanchette, president of 12 ReTech’s Emotion Fashion Group added, “Having Emily as part of our team will add important design experience and sales channels for all of our brands, making them more contemporary and relevant. By manufacturing a portion of Rune’s products in Salt Lake City in addition to their production in NYC, we can reduce their costs and deliver products faster with shipping on both sides of the country. Our Salt Lake City staff can quickly fulfill orders in this part of the country allowing Rune NYC’s online customers a superior consumer experience. This should make Rune more competitive and dramatically increase revenues.”

Ponzetta concluded, “We are already working on the integration of our three fashion related companies, with Red Wire’s team operating the manufacturing for all of our brands and in both factories. This integration effort has slightly delayed the completion of the Red Wire acquisition which will occur shortly. In addition, there is a lot going on in our business pipeline in all three of our geographic markets. I hope to soon have exciting news about additional new acquisitions that we are negotiating as well as updates on our technology front.” (SV)

Fibre2Fashion News Desk – India


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