News
Former ice cream executives invest in Retna
In the early 1990’s the stock photo industry experienced an influx of “outsiders” buying up existing stock photo companies, when Mark Getty, Bill Gates and others, bought their way into the business drawn by the opportunities they saw in a disparate, mostly mom-and-pop industry about to undergo significant changes due to emerging digital technology and the Internet. More recently, we have seen renewed interest by outside investors with the purchase of Superstock by the A21 Group and Jupiter Media’s many acquisitions. Now, a pair of outside investors has joined the stock photo industry by purchasing a majority stake in Retna. The company has announced that Marc Wexler and Sam Pugliese, have agreed to acquire a controlling interest in Retna, the New York City agency known for its archive of celebrities and musicians, its historical archive and its life-style and still-life collection . Wexler and Pugliese hail from the snack-food industry where they successfully founded the Skinny Cow Ice Cream brand in 1994 and sold it to Dreyers ten years later. They will look to apply “similar niche marketing techniques to fuel expansion” at Retna.
According to CEO Jessica Daly, the new investors “won’t mess with the formula“ that has made Retna successful. Apart from overhauling the company’s web-site and implementing their marketing ideas, Mr. Pugliese and Mr. Wexler will take a hands off approach to managing the business. They will retain the company’s management team of Ms. Daly who has worked at Retna for ten years, Walter McBride, the director of operations and a 25-year veteran of the company, Kellie McLaughlin, Photography Director (12 years with the company) and John Espinosa, head of Music archive sales (10 years.) (Julie Graham, who had been with the company for sixteen years has resigned. “Julie certainly contributed to the growth and success of Retna over the last sixteen years and we wish her well,” Ms. Daly added.) The company will also maintain its staunch support of its 200+ photographers.
The press-release implies the new owners plan to focus on growing the commercial side of the business, which Daly says now accounts for one third of its revenue: Mr. Pugliese states, "Our goal is to continue to build on Retna's reputation and unique position within the marketplace to provide unparalleled services to small- and mid-sized companies seeking visually compelling and affordable artwork to support marketing and advertising efforts." Click here to view the original press release.
Posted in: News, Stock Photo Companies
