American lifestyle brand Centric Brands and WHP Global have come together to acquire Joe’s Jeans brand, which was earlier owned by Sequential Brands Group.
As per media reports, the US Bankruptcy Court for the District Of Delaware has given approval to the sale for US $ 48.5 million in cash and assumed liabilities.
Though approved by the court, the deal remains subject to customary closing conditions.
While the deal gives WHP Global the brand’s intellectual property in all global territories other than China, Centric Brands will continue to operate it under a long-term exclusive license for core categories and geographies across retail, wholesale and e-commerce.
Centric Brands already manages design, sourcing and marketing for Joe’s Jeans, in addition to doing the same for other reputed brands like Tommy Hilfiger and Calvin Klein, amongst others.
WHP Global, on the other hand, too boasts of brands such as Anne Klein and Toys R Us, besides many others.
There wouldn’t be much change for Joe’s Jeans following the acquisition as Centric has been managing most of its business for some time now, while the founder of the brand Joe Dahan will remain as Creative Director.
The key focus for the new owners will be to extend the brand’s assortment and its reach.
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