A division of Falcone’s publicly traded Harbinger Group handed over $10 million to the troubled underwear retailer in exchange for the right to control the company, FOH announced. If it exercises that right, Harbinger’s Five Island Asset Management will appoint a majority of the board. FOH, founded 66 years ago by Frederick Mellinger, inventor of the push-up bra, was peddling sexy lingerie 30 years before Victoria’s Secret emerged. FOH operates 118 stores across the country and has been struggling amid sagging sales.
While some seem to believe the move was some sort of gift to Phil's wife, Dealbreaker favorite Lisa Maria, known for, among other things, takinganoutsidetheboxapproachtofashion, Falcone followers know better. Recall that:
...after recovering from the initial shock [of Harvard], Falcone made himself something of a campus don. Hockey teammates called him “Fashion Phil” because he cared so much about his clothes, Olson says. He had a blue, three-piece suit that he wore often, and he always wore stylish shoes.
This is not her toy, it's his.*
Labor of love: Hedgie couple go Hollywood with Frederick’s [NYP]
Related: Lisa Marie Falcone Is Not The Only One In The Family With An Eye For Fashion
*Not in like a cross-dressing sense, in like a "the beaded ostrich feather corset needs more feathers, MORE FEATHERS! Did none of you study design?" sense.