American fashion retailer New York & Company has purchased plus-size brand Fashion to Figure.
New York & Company will pay around US $ 2.4 million as per the deal which gives intellectual property rights of Fashion to Figure to the former.
13-year-old Fashion to Figure was established by Michael and Nicholas Kaplan who are the great-grandsons of Lena Bryant, founder of the plus-size clothing chain Lane Bryant.
The brand emerged as the most popular one among plus-size consumers. It enjoys a loyal consumer base of around 500,000 customers.
The acquisition of Fashion to Figure has paved the way for New York & Company to capitalise on the business prospects in the plus-size market. NPD Group, an American market research firm, has valued the size of the women’s plus-size apparel market at US $ 21 billion in the year 2016 and the growth is expected to continue in the time to come.
“We see an opportunity to enter into an underserved and growing segment of the women’s apparel market,” said Gregory Scott, CEO of the brand.
The company may also rope in former employees of Fashion to Figure including design, merchandising and e-commerce teams.
