Media

Super models stung by Lipman closure

The surprise closure of luxury ad agency Lipman could leave some fashion stars a bit thin in the wallet.

A source told The Post that super model Kate Moss and fashion photographer Mario Testino have been stiffed by closure of the 86-year-old ad agency run by David Lipman.

The agency has done recent campaigns for Stuart Weitzman and David Yurman as well as Dior and Fendi.

Sean Avery, the former New York Ranger, who was a partner at the firm before being laid off two months ago, said, “David Lipman is a victim and his trust in people has completely turned his life upside down.”

Avery continued, “There’s a reason he’s been in business for 30 years and his reputation will give him another day to shine. I’m sure he’ll be in business in some form sooner rather than later.”

Sources told The Post they believe the financial issues at the agency were the result of questionable practices by Andrew Spellman, a former Goldman Sachs executive who acquired the firm in 2011 and parlayed it into a bigger investment vehicle called Revolate and then went on to buy other companies including a human resources firm, Number 14.

Spellman, 36, from Newton, Mass., moved rapidly through a series of investment firms in the Boston area before creating Revolate.

A source alleged that the Lipman agency was investing money in a host of other companies with money paid to them for ad projects. “There are so many people in the industry that were not paid by Lipman,
and they have burned so many people including major super models and photographers,” said a source.

Another person said that part of the problem was that too many staff were living the high life and were paid too much and enjoyed top-shelf perks like first-class travel.

The Lipman agency reception phone is no longer connected. David Lipman, could not be reached.

A Boston-based attorney, Jay Theise, would not confirm that he is representing Spellman and declined comment. A voice mail left at Spellman’s home was not returned.

On Thursday, a teary Lipman broke news to staff that the agency founded by his father was closing. Spellman served as the company’s CEO after its takeover in 2011.