Centric Brands, WHP Global acquire Joe's Jeans
Centric Brands and WHP Global announced on Friday that they have teamed up to buy the Joe's Jeans brand in a $48.5 million deal.
As part of the agreement, WHP will own the worldwide intellectual property in all global territories other than China, while Centric will continue to operate Joe’s Jeans under a long-term exclusive license for their core categories and geographies. The deal is still subject to customary closing conditions.
Launched in 2001, Joe’s Jeans offers denim, apparel, and accessories and is available at premium department stores in the United States, at specialty boutiques globally, 10 Joe’s Jeans stores, and online at www.joesjeans.com. The brand founder, Joe Dahan, remains part of the company as creative director.
“We have significantly invested in Joe’s Jeans throughout our years of operation and have established the brand as one of the leading premium denim resources,” said Jason Rabin, chief executive officer of Centric Brands. “Celebrating its 20th year, we look forward to partnering with WHP Global to further develop the brand and new avenues to grow the business.”
Centric Brands’ portfolio includes over 100 owned and licensed brands including Calvin Klein, Tommy Hilfiger, Nautica, Kate Spade, and Zac Posen, to name a few, which collectively generate approximately $2.5B in annual global sales.
Likewise, WHP’s portfolio includes William Rast, Toys“R”Us, Anne Klein, Joseph Abboud, and others. They collectively generate approximately $4 billion in annual global retail sales.
“The acquisition of Joe’s Jeans in partnership with Centric is a win for WHP Global as it expands our growing fashion vertical which already includes Anne Klein and Joseph Abboud,” added Yehuda Shmidman, chairman and chief executive officer at WHP Global. “Together with Centric, we will look to build upon the core business and expand around the world to new geographies.”
Joe’s Jeans was previously owned by Sequential Brands group, which filed for Chapter 11 bankruptcy in August. It was no longer able to operate its brand portfolio due to its significant debt.
At the time, the company said that it planned to hold an auction in order to sell its brands that also included The Jessica Simpson Collection, Gaiam, Avia, And1, Spri, and William Rast.
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