Sparc Group LLC, the joint venture of Simon Properties and Authentic Brands, is buying another brand out of bankruptcy after winning the fight for Brooks Brothers earlier this month.
California-based Lucky Brand, a denim retailer, had been looking for a buyer ever since last month and Sparc Group has emerged as the winning bidder at US $ 140.1 million.
Also read: Denim bigwigs G-Star and Lucky file for bankruptcy
As part of the deal, Sparc will assume the role of licensee and operating partner for the brand, overseeing all sourcing, designing and product development activities.
It will also be responsible for the e-commerce business along with more than 175 retail outlets in North America and merchandise found in department stores like Macy’s.
The Group is currently said to be negotiating rent with landlords so as to keep the key stores open in the continent.
Sparc, however, does not own Lucky’s intellectual property rights which have now been acquired by ABG.
The Group has other names like Barneys New York and Nine West under its belt and will be responsible for all of Lucky’s licensing partnerships, new business and brand development.
“This acquisition will boost the value of our portfolio to more than US $ 13 billion in global retail sales annually,” ABG founder and Chief Executive Jamie Salter said in a statement.
