The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Ascena Retail Group, which owns clothing brands such as Ann Taylor and Loft, said on Thursday it will be acquired by Premium Apparel LLC for $540 million on a cash-free and debt-free basis.
Premium Apparel, a unit of private equity firm Sycamore Partners, has committed to retain a substantial portion of the retail stores and associates affiliated with the brands, Ascena said in a statement.
Other brands under the Ascena Group, Lane Bryant and Lou & Grey, will also be part of Premium Apparel’s acquisition.
The transaction is expected to be completed by mid-December, the statement said.
Other Ascena assets — Catherines and Justice — have been already sold off.
FullBeauty Brands Operations has completed its acquisition of the intellectual property assets and e-commerce business of Catherines, while a vehicle formed by Bluestar Alliance has completed its acquisition of the intellectual property of Justice, the statement said.
Ascena filed for chapter 11 protection in July.
By Gertrude Chavez-Dreyfuss, editor: Rosalba O’Brien.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.
The performance coach and Allbirds’ co-founder discuss the transformative power of togetherness in fostering a culture of excellence.