Bob Goldman has spent 55 years building Cels Brands, his storied shoe business, alongside his family. Now the footwear veteran has struck a deal with Gordon Brothers’ brand management division, which is acquiring the intellectual property of all four of the company’s labels — Chinese Laundry, Dirty Laundry, CL by Laundry and 42 Gold.
Financial terms of the deal were not disclosed.
“This moment is both a culmination and a beginning,” said Goldman. “Our focus has always been simple: create beautiful product, stay close to the consumer and build brands that retailers can rely on. I’m incredibly proud of what our team has built and confident these brands are well positioned for their next phase of growth.”
The move marks Gordon Brothers’ third major buy in recent months. It purchased a controlling stake in Rachel Zoe last December, and in January, acquired heritage British brand LK Bennett out of bankruptcy.
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At Cels, Goldman has been steering the ship since the company’s inception in 1971, when he and his wife Carol developed a self-service shoe display system called Modumode. Then in 1973, they launched footwear with the successful Buffalo sandal imported from Argentina.
Through the years, the executive has hit many markers of success, from the launch of the incredibly popular Macramé oxford that sold 13 million pairs in the 1970s, to teaming up with fashion tastemaker Kristin Cavallari in the 2010s.
The forward-thinking entrepreneur never reveled in his accomplishments for long. In fact, much of his success came from a relentless commitment to knowing what was next. “We have to look at the future,” he told FN in 2023. “Always look ahead, don’t look back,” he said. “I’ve [always taken] calculated risks and I’ve been very fortunate.”
Goldman takes great pride in the fact that his family has been there every step of the way. The company name is an acronym for Carol and their children — Elise, Lauren and Stewart — the latter of whom has been the company’s chief operating officer for the past decade.
“Building brands that stand the test of time is never easy in the fashion business,” said Stewart Goldman, also the president of sales. “This milestone reflects the incredible work of our teams, our retail partners and the consumers who have supported us for generations.”
The four brands in the Cels portfolio each target a distinct segment in the market: Chinese Laundry is centered on fashion-forward silhouettes with broad appeal; Dirty Laundry focuses on youthful, value-driven styles; CL by Laundry plays up femininity and versatility; and 42 Gold is positioned as an elevated, contemporary player.
“What [the Goldmans] have built over the past five decades is incredibly rare in today’s market — brands with both emotional resonance and real retail durability,” said the company’s chief marketing officer, Sarah Zurell. “That disciplined, consumer-first approach is what makes this portfolio so well positioned for its next phase.” (In a separate announcement, out-of-home advertising platform Stic this week revealed Zurell as its new chief marketing officer, effective next month.)
Gordon Brothers, which built its business as a liquidator, has been refocusing its operations in recent years. The strategy? To acquire brands and expand them in a variety of categories through licensing deals, eventually selling them to bigger players.
For example, the company snapped up Nicole Miller in 2022. The brand is now in 40 different lifestyle categories and in the process of expanding the business into Mexico. With Laura Ashley, which the company bought out of administration in 2020, Gordon Brothers grew the label to $750 million before selling it to Marquee Brands last year.
