Ralph Lauren has sold its Club Monaco brand to private equity firm Regent, L.P., the American fashion company said Thursday. The financial terms of the sale have not been disclosed.

The sale is part of a strategic overhaul announced last year intended to refocus the company on its core brands, the company said. Ralph Lauren also struck a licencing deal for its Chaps brand last year. The deal is expected to close by the end of June, the company said.

Club Monaco, an elevated basics brand founded in Toronto in 1985, was acquired by Ralph Lauren 22 years ago and has remained a relatively small part of the group’s retail business, with 73 directly operated stores worldwide as of December last year.