Ambush Founders Buy Back Majority Stake From New Guards Group
Ambush is the latest brand to jump ship from troubled New Guards Group.
Founders Yoon Ahn and Verbal have reacquired full ownership of the company, which joined New Guards Group’s roster in 2020, when it bought a majority stake in the Tokyo-based brand.
In a statement, they said the transaction closed Friday, without providing additional details.
This follows Bluestar Alliance’s acquisitions of Off-White and Palm Angels, and last month’s announcement that Alanui cofounders Carlotta and Nicolò Oddi had also bought back the stake held by New Guards Group, or NGG, in their high-end knitwear brand.
“Regaining full ownership enables us to fully express the core values and original vision upon which Ambush was built,” Ahn said. “Now we are energized by this new chapter and the boundless potential ahead.”
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The brand owners want to steer it with complete creative autonomy and strategic flexibility, they said.
They plan to further expand its presence, amplify its digital and technological initiatives, and initiate collaborations across fashion, music and culture, following previous partnerships with brands including Sacai, Undercover, Bulgari, Rimowa and most recently, Ugg.
“Taking back ownership is an important milestone that restores our freedom to pursue innovation and deepen our community connections globally,” Verbal said.
A division of Farfetch, NGG is still home to brands including Marcelo Burlon County of Milan, Unravel Project, Heron Preston and Kirin Peggy Gou.
Farfetch acquired NGG for $675 million in 2019. South Korean e-commerce giant Coupang took control of Farfetch at a knockdown price of $500 million at the end of 2023.
As reported, in November, two weeks after losing the license to distribute Reebok footwear and apparel in Europe, NGG filed for Chapter 11-style proceedings in Italy, undergoing a restructuring and debt management process under Italian bankruptcy law.
The filing is known in Italy as a CNC, and offers struggling companies the time and space to restructure and chart a path forward. It is not an insolvency procedure.
Ambush in March published its first coffee table book, which provided a comprehensive overview of its transition from jewelry brand to full ready-to-wear and accessories label. The tome featured contributions from friends and collaborators including Kim Jones, Pharrell Williams, Chitose Abe and Kid Cudi.
At the time, Ahn said that after showing in Paris and Milan, the brand saw its next act playing out where it all began — with the DNA laid out in the book providing the blueprint.
“It’s going to be much more rooted in where we are, which is Tokyo and Japan, but in the futurism of it. And then from there, we’re also going to leap into the next generation and next chapter of where we want to go, so I’m excited,” she said.
