Licensing firm Centric Brands has announced it will be partnering with investment company WHP Global to acquire Joe’s Jeans, a US-based denim retailer.
The two have signed a definitive agreement and received court approval to purchase the brand, which will be subject to customary closing conditions.
The transaction will see WHP own the label’s worldwide intellectual property in all territories, other than China and Centric, and continue to operate Joe’s Jeans under a long-term exclusive license for core categories across retail, wholesale and e-commerce.
Now in its 20th anniversary year, Joe Jean’s, a New-York brand, offers denim and apparel products at a number of premium department stores in the US, in international boutiques, 10 own-brand stores and through its e-commerce site.
“The acquisition of Joe’s Jeans in partnership with Centric is a win for WHP Global as it expands our growing fashion vertical which already includes Anne Klein and Joseph Abboud,” commented the firm’s CEO, Yehuda Shmidman, in a statement. “Together with Centric, we will look to build upon the core business and expand around the world to new geographies.”
For Centric Brands, the new acquisition comes in addition to the company’s portfolio of over 100 owned and licensed brands, reportedly generating approximately 2.5 billion dollars in annual global sales. The agreement aims to further develop Joe’s Jeans and grow the business into new avenues.