Wallace advises Yasmin Le Bon and Models 1 on new fashion line for Wallis

September 2009

Wallace has advised its established client Models 1 - the UK’s largest modelling agency - and global supermodel Yasmin Le Bon on the successful negotiation and structuring of the recent collaboration with Wallis, a member of Sir Philip Green’s Arcadia Group. The deal has attracted widespread attention in fashion and retail media, and is the latest in a slew of high profile models turning their hand to designing for popular high street labels. The celebrity model tie-up follows the success that Wallis’s sister chain Top Shop has experienced with its venture with Kate Moss.

Much like Moss’s line for Top Shop, Le Bon has sought inspiration from her own wardrobe and favourite pieces, as well as her Persian heritage. The line is entitled YLB and has just hit stores amongst much public fanfare. Yasmin Le Bon rose to public prominence on the international catwalks and has been the face of House of Fraser.

Wallace was the only law firm involved in this transaction; Sir Philip Green and Wallis’s in-house legal team managed the deal on behalf of Wallis.

The completion of this transaction coincides with the release, this month, of the annual UK Legal 500 law firm rankings, which have included Wallace in the Media and Entertainment category for the first time. The editorial analysis which accompanies the rankings acknowledges Matthew Pryke and John Woodhouse as being very active in the media and entertainment sector, with them and their teams regularly advising clients in relation to a range of commercial, IP, brand protection and corporate matters.

Matthew Pryke, partner and head of commercial and IP at Wallace, commented, “We are pleased to have helped Models 1 bring another deal to fruition, especially an initiative which has attracted such high levels of publicity. This further solidifies our position as a firm of choice in the fashion and retail industries and builds on Wallace’s specialist expertise in this area.”

Karen Diamond, Director of Models 1, commented, “This is a very exciting project for Yasmin and something she cares about deeply. Wallace has provided a unique insight and understanding which has allowed us to structure this deal to the mutual benefit of all parties involved.”

In March 2009, John Horner, CEO of Models 1 commented in relation to a separate transaction, “Wallace’s advice has been consistent and has enabled us to be proactive throughout complex negotiations. They saw the pitfalls and guided us to a successful outcome”.

Wallace has been advising Models 1, the agency also behind Agyness Deyn and Linda Evangelista, for a number of years. The firm’s corporate department advised on the sale of Models 1 to US private equity house One Worldwide Limited in 2008, and throughout 2008 and 2009 the commercial and IP teams acted for Models 1 in an advertising campaign involving Agyness Deyn, including negotiating a European advertising and endorsement agreement. Wallace also advised Models 1 on a global cosmetics contract with Proctor & Gamble for one of their high profile models to become the next face of a leading cosmetics brand. Wallace also drafted industry wide terms and conditions of business for Models 1, in liaison with the Association of Model Agents.

Wallace has a long history of advising clients in the fashion and retail sectors, including, recently:

Currently acting for new client Bottega Veneta (part of the Gucci group)
Long-time legal adviser to TIGI International, including advising Anthony Mascolo, the International Creative Director of TIGI International and of Toni & Guy hair salons in the Americas, on the $411 million sale of the global TIGI professional hair products business and its supporting advanced education academies to Unilever in February 2009
Currently advising Tokidoki, an internationally renowned clothes designer and manufacturer based in Los Angeles
Advising on the sale of Passion Sports (European distributor of Rocket Dog Shoes) to Rocket Dog (a leading global designer, developer and distributor of fashion footwear) in 2008
Advising on the sale of Blue Inc (high street male fashion retailer) to Marlow in 2006
Acting for Canadian cosmetics company Faces Cosmetics on its float on the London Stock Exchange’s AIM market in 2006
Acting for Assassin Model Management
Advising design duo Wayne and Gerardine Hemingway and Red or Dead