It seems the rumors of Gen Art's demise were much exaggerated, as the fashionable nonprofit is reportedly "courting" offers from new investors at Gilt Groupe and IMG.
Gen Art was long known for supporting emerging talent -- including designers like Zac Posen and Vena Cava -- before it hit pretty dire financial terrain in the past year and was forced to halt all operations in early May. In the wake of the collapse, several designers declared their frustration with the organization for its inability to refund the money they had already put up for a series of events that Gen Art was now planning to cancel. When last we reported on the continuing fall-out, Gen Art was being hounded by creditors urging the organization to declare bankruptcy as soon as possible.
Today, hower, it seems Gen Art may be on its way back: According to Crain's, the organization is "being courted" by several high-profile investors, including Gilt Groupe and IMG. Gen Art's chief executive, Ian Gerard, confirmed to Crain's that the company had had several conversations about a "revived business model" -- one that would apparently take some of Gen Art's main events, like Fresh Faces in Fashion, to the next level, including possibly "reality TV."
Gerard told Crain's that Gen Art would "make good" on its commitment to designers that might have been left in the lurch by the organization's shuttering, though it remains to be seen if Gerard would still be spearheading things at Gen Art in the event of an acquisition.
