Women’s Wear Daily
04.17.2014
financial
financial

Firm of Former Retail Exec Acquires Stake in Hanover

Shawn Zachary Design Inc., an investment group formed by former retail executive Zachary Belil, last month acquired a 49 percent stake in Hanover Industries for an undisclosed sum.

financial/news
NEW YORK — Shawn Zachary Design Inc., an investment group formed by former retail executive Zachary Belil, last month acquired a 49 percent stake in Hanover Industries for an undisclosed sum.

Hanover, founded in 1997 by Elana Carello, manufactures women's and children's novelty knitwear. The Elana Carello label is sold in better department stores and catalogues.

According to Belil, the company name has been changed to Elana Carello Knitwear. Carello will continue at the company in the role of chief creative officer. Belil, who said Hanover's headquarters will remain in Providence, R.I., is chairman and interim chief executive officer.

The 49 percent stake in Carello is the first acquisition for the newly formed investment group. "Zack and I worked together in the past when he was the president of Work in Progress, so I'm very excited to start working with him again," said Carello.

Belil, director of Shawn Zachary Design, said his group will provide the knitwear firm with operational and technological support.

Prior to forming Shawn Zachary Design, Belil was vice president of sales and merchandising at Pine Needles Apparel. Before that stint, he was divisional merchandise manager at Christopher & Banks for nearly five years. He was product development director at Mitsubishi International Corp. before becoming president and co-owner of the Daggar Group, which manufactured sweaters under the label Work in Progress. After selling Daggar, Belil worked briefly at Kellwood Corp. as divisional vice president of Vintage Blue Sweaters.
load comments

ADD A COMMENT

Sign in using your Facebook or Twitter account, or simply type your comment below as a guest by entering your email and name. Your email address will not be shared. Please note that WWD reserves the right to remove profane, distasteful or otherwise inappropriate language.

Ads by Google

Newsletters
Newsletters

Sign upSign up for WWD and FN newsletters to receive daily headlines, breaking news alerts and weekly industry wrap-ups.

Publications

ArticleFinder

Beauty


Choose By

Clear

How it works

Close

Lorem Ipsum
Dolor sit amet, consectetur adipiscing elit. Vivamus ac nibh et risus lobortis scelerisque tempor nec enim. Etiam facilisis sapien sit amet.

Lorem Ipsum
Dolor sit amet, consectetur adipiscing elit. Vivamus ac nibh et risus lobortis scelerisque tempor nec enim. Etiam facilisis sapien sit amet.

Lorem Ipsum
Dolor sit amet, consectetur adipiscing elit. Vivamus ac nibh et risus lobortis scelerisque tempor nec enim. Etiam facilisis sapien sit amet.

Lorem Ipsum
Dolor sit amet, consectetur adipiscing elit. Vivamus ac nibh et risus lobortis scelerisque tempor nec enim. Etiam facilisis sapien sit amet.

Lorem Ipsum
Dolor sit amet, consectetur adipiscing elit. Vivamus ac nibh et risus lobortis scelerisque tempor nec enim. Etiam facilisis sapien sit amet.


Or