Seven For All Mankind sold

It's about time. For several years now, the L.A.-based jeans maker was among the cluster of locally based denim manufacturers that were considered prime for takeover. Apparel giant VF is buying Seven $775 million (revenues this year are projected to run about $300 million). VF has long owned mass market jeans brands Wrangler and Lee, but the Seven for All Mankind deal marks VF's first major move into the riskier premium-denim market. A little background: Michael Glasser and Jerome Dahan started the 7 for All Mankind brand in early 2000, later bringing in Peter Koral for financial backing. The company was pretty much an overnight success - Hollywood celebrities wearing Seven jeans didn't hurt - and that led to other denim upstarts. In 2002, Dahan and Glasser sued Koral for fraud, breach of fiduciary duty, and breach of oral contract (they claimed that Koral shortchanged them). Eventually, the two men were awarded more than $100 million. In 2005, Koral sold a 50 percent stake in the company to Bear Stearns Merchant Banking for $100 million. VF said today that Koral will continue to act as an advisor to the firm, whatever that means. Wonder if this sets the stage for other denim buyouts? (Women's Wear Daily)