Centric Brands, a US-based retail brand, has partnered with brand acquisition and management company WHP Global to purchase Joe’s Jeans.
Founded in 2001, Joe’s Jeans sells denim, clothing and accessories in high-end department stores and specialty stores across the United States, as well as ten Joe’s Jeans stores.
The brand’s products are also available through its flagship online store.
Financial terms of the transaction were not disclosed, but it is estimated to be worth $ 48.5 million.
The agreement has received court approval and its conclusion is subject to customary closing conditions.
Centric Brands CEO Jason Rabin said, “We have made significant investments in Joe’s Jeans throughout our years of operation and established the brand as one of the premier premium denim resources.
“Celebrating its 20th anniversary, we look forward to partnering with WHP Global to further develop the brand and new avenues to grow the business. ”
Once the agreement is reached, WHP will own the intellectual property of Joe’s Jeans in all territories of the world except China.
Under a long-term exclusive license agreement, Centric Brands will continue to operate the brand’s core categories and geographies through retail, wholesale and digital channels.
WHP Global plans to generate around $ 4 billion in retail sales per year from its entire portfolio, which also includes William Rast, Toys R Us, Babies R Us, Anne Klein, Joseph Abboud and Lotto.
WHP Global Chairman and CEO Yehuda Shmidman said: “The acquisition of Joe’s Jeans in partnership with Centric is a victory for WHP Global as it expands our growing fashion vertical, which already includes Anne Klein and Joseph Abboud .
“Together with Centric, we will seek to develop our core business and expand into new geographic areas around the world. ”
Last February, Centric Brands bought designer brand Zac Posen for an undisclosed amount.