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Worse on Purpose

BCBGMAXAZRIA

American women's contemporary fashion brand founded by Tunisian-born designer Max Azria in 1989. Portfolio also includes BCBGeneration and (via Marquee's 2017 deal) Hervé Léger.

Status: Avoid
Founded
1989
HQ
USA
Manufacturing
Various
Ownership type
Brand licensing (ABG-style)
Parent
Marquee Brands (Neuberger Berman Private Equity)
Acquired
2017-07
Status since
2026-04-25

Ownership

Max Azria founded BCBG Max Azria in 1989. The company filed for Chapter 11 bankruptcy on February 28, 2017. Marquee Brands and Global Brands Group Holding Limited (a Li & Fung affiliate) jointly acquired the assets out of bankruptcy in June/July 2017: Marquee paid $108 million for the IP (BCBGMaxAzria, BCBGeneration, and Hervé Léger), with the total deal across both buyers reaching $165 million. Global Brands held the operating license. In 2018 Global Brands sold its license business (including BCBG) to Differential Brands, creating Centric Brands. Centric Brands filed for Chapter 11 in May 2020; Marquee took the licenses back in-house and launched Marquee-Direct.

Why Avoid

Bankrupt brand bought by a brand licensing firm. The first operating partner (Global Brands -> Centric) itself went bankrupt within three years of the deal. Marquee then took operations in-house but continues the licensing model.

Reversibility

What would change our verdict

A return to Max Azria-era design rigor under verified in-house teams, which is hard to imagine without founder involvement.

Sister brands under Marquee Brands (Neuberger Berman Private Equity)

See all 9 sister brands

Read the full investigation

Investigation · March 23, 2026

Your Backpack Got Worse On Purpose

VF Corporation owns about 55% of the US backpack market. JanSport, The North Face, Eastpak, Kipling. Lower denier counts, generic zippers, warranties rewritten to match the cheaper construction.

Read the full investigation

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