Despite the fact that a 2010 profile of Falcone revealed his hockey teammates at Harvard nicknamed him "Fashion Phil" ("...he had a blue, three piece-suit that he wore often, and he always wore stylish shoes"), in addition to the fact that he's married to noted fashion plate Lisa Maria, whose out of the box approach to design is secondtonone, the money manager was unable to breathe new life into the brand. But no matter:
Jamie Salter’s Authentic Brands plans to take the twice-bankrupt lingerie brand — which veered toward the racier end of the market in the face of competition from Victoria’s Secret — more mainstream with the help of a retail partner, expansion into department stores and regular fashion shows...His plan for reviving Frederick’s, according to a source familiar with his thinking, involves a retail and wholesale partner — a deal is in the works — and models strutting at fashion shows as well as fresh content on Frederick’s website. Previously, the skimpy lingerie could only be bought in its own stores and online. Salter said in April that he could see reopening some stores as well as selling the sexy bras and panties in department stores. Frederick’s, which racked up $106 million in debt, was most recently owned by the Harbinger Group, Phil Falcone’s private equity firm.