|Live Nation Enters Artist Merchandising Arena With the Acquisition of Majority Stake in Authentic Lifestyle Company TRUNK LTD|
LOS ANGELES, July 13 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV), a leading live event, venue and digital distribution company, today announced it has acquired a majority stake in TRUNK LTD, a company renowned for its line of authentic lifestyle merchandise. TRUNK LTD has more than 60 exclusive licenses with many of the largest music superstars in the world, including AC/DC, Aerosmith, The Beatles, Blondie, Jimi Hendrix, Pink Floyd, The Grateful Dead, The Doors, The Rolling Stones, Motley Crue and David Bowie. TRUNK LTD's products are available at 600 specialty stores and boutiques around the world. The acquisition represents the entrance of Live Nation into the artist-merchandising arena.
Founded in 2003 and led by Chief Executive Officer and Creative Director Brad Beckerman, TRUNK LTD has become one of the most recognized and well-respected music inspired brands by artists and consumers alike. Mr. Beckerman will continue leading TRUNK LTD on an aggressive growth strategy, while utilizing Live Nation's resources to expand its distribution beyond traditional retail outlets into Live Nation venues by creating Limited Edition products only available on tour.
"We produce more than 29,500 Live Nation shows per year around the world. Artist merchandise is a natural business to enter as we look to move into adjacent business lines that complement our core concert and venue business," said Live Nation Chief Executive Officer Michael Rapino. "TRUNK is unique because they have distinguished themselves with incomparable design and quality."
"Live Nation and TRUNK LTD share the same core consumer. Our partnership gives both of our companies the ability to enhance each other's brand," said Mr. Beckerman. "Music is the language of emotion; together Live Nation and TRUNK LTD will further enhance the emotional connection between the artist and fan by extending the live experience beyond the show."
In addition, Mr. Beckerman has been named President and Chief Creative Officer of Merchandising at Live Nation, where he will join the executive team to develop merchandise, venue retailing and branding strategies.
Prior to founding TRUNK LTD, Mr. Beckerman served as President and Chief Executive Officer of Groove Track Productions, an entertainment and brand development company that created specialized merchandising programs for Fortune 500 companies and global fashion brands, as well as consumer product companies. Previously, he was General Manager of STARTER Corporation, a $500 million licensed sportswear company. Mr. Beckerman is a graduate of the University of Florida.
About Live Nation
Live Nation is a leading live event, venue and digital distribution company focused on creating superior experiences for artists, performers, corporations and fans. Live Nation owns, operates and/or has booking rights for 153 venues worldwide and produced more than 29,500 events in 2005. Headquartered in Los Angeles, California, Live Nation is listed on the New York Stock Exchange, trading under the symbol "LYV." For more information regarding Live Nation and its businesses, please visit the company's website at www.livenation.com.
About TRUNK LTD
TRUNK LTD is well known for authentic luxury goods, which capture "A Moment In Time." TRUNK LTD has more than 60 exclusive licenses with many of the largest music superstars in the world and Harley-Davidson Motor Company. TRUNK LTD's products are available in over 600 specialty stores and boutiques around the world. Led by founder and Chief Executive Officer Brad Beckerman, TRUNK LTD connects to consumers' souls through its products, which feature close attention to detail, including the highest quality fabrics, customized hangtags and labels and TRUNK LTD's unique patented double side seam stitch. For more information, please visit www.TRUNKLTD.com
SOURCE Live Nation