Exclusive -- Peter Som Not Resigning From Bill Blass

Peter Som is not resigning as the creative director and womenswear designer of Bill Blass, Portfolio.com has learned, despite the chatter from other websites. In fact, the designer is in the midst of renegotiating a contract, a source shared.

Blass' cash-strapped parent NexCen Brands, Inc. has been taking measures to reverse its situation by quietly putting the brand on the block. The brand's fashion show, originally scheduled for fashion week in September, has also been canceled.

"Due to the restructuring of the Bill Blass brand, NexCen and Bill Blass creative director Peter Som have decided to forgo a runway show during this interim period and is now considering presenting a collection to retailers this season," the company said in a statement released to the press Thursday evening.

Som, a protege of the Blass before his death, was tapped to revive the brand that had been foundering under Michael Vollbracht. Som's first collection for the NexCen-owned label, seen as a homage to the late designer and shown in February 2008 for fall, was received with mixed reviews.

Michael Bastian is the menswear designer for Bill Blass. Peter Som did not return emails for comment.

by Lisa Marsh