Acorn Announces New Clients Among New York Celebs; Stock Soars 20%
The provider of promotional services in China said it has scored partnerships with Jay Godfrey and Go FO.
Shares in Acorn International Inc. (NYSE: ATV) jumped more than 20 percent midday Monday to $26.34 apiece after the company said its subsidiary landed partnerships with New York celebrity designer Jay Godfrey and Go FO, a faux fur clothing line by Damiani NY and Playboy Enterprises Inc.
Acorn Entertainment, which provides multichannel and multimedia promotional services for overseas brands looking to expand their presence in China, said in a statement today that it sees "a lot of opportunity" for Jay Godfrey and Go FO among the country's rapidly growing middle class.
"Jay Godfrey has already been active in the Chinese market over the years and we can see how his design aesthetic inspired by the chic New York woman, and worn by celebrities like Taylor Swift, Kim Kardashian, and Holland Roden, will appeal to young women in urban areas," head of client acquisition at Acorn Entertainment, Brittany Li, said. "We expect Go FO will appeal to this same demographic, where cruelty-free faux fur is increasingly being viewed as a chic alternative fashion."
Jacob Fisch, the chief executive officer and president of the parent company, Acorn International, added, "We continue to build out our Influencer Management Division with the addition of two exciting new fashion clients. We look forward to working with them to increase monetization from social media engagement in China."
Fisch also said that through working with Go FO, Acorn hopes to do the "right thing" and "give back" for future generations.
Lisa Damiani, the music and entertainment diva behind the Damiani NY line, commented, "Go FO's inspiration arises from a 65-year-old history of PLAYBOY being one of the most iconic brands in the world, including in China. Damiani NY's Go FO collection was born from the belief that treating animals with care and respect is an integral part of our world and future. It's a new age of fashion, a new era – and FO is the future. Go FO."