Premium Apparel buys 4 brands from Ascena retail group (2024)
Premium Apparel, an affiliate of Sycamore Partners, has bought Ann Taylor, LOFT, Lou & Grey, and Lane Bryant brands from Ascena retail group and certain of its subsidiaries. Premium Apparel will retain a substantial portion of the retail stores, associates, and corporate operations affiliated with these brands. The sale of these brands has been completed.
“We are pleased to have completed this transaction, which secures a path for the long-term success of Ann Taylor, LOFT, Lou & Grey, and Lane Bryant,” said Gary Muto, chief executive officer. “We have worked diligently to maximise the value of our brands, and we are confident they will thrive under Sycamore’s ownership.”
Muto continued, “I would like to thank our associates, who have remained focused on meeting our customers’ needs throughout our financial restructuring process. While we have certainly faced obstacles in the challenging retail landscape brought on by the global pandemic, our associates have consistently demonstrated leadership, professionalism and dedication to our customers and to each other. Ann Taylor, LOFT, Lou & Grey and Lane Bryant will continue to serve customers through the holiday season and beyond.”
“We’re pleased to have completed our purchase of these four highly respected apparel brands and are excited by the opportunity to unlock their full potential as part of our portfolio,” said Stefan Kaluzny, managing director of Sycamore Partners. “We look forward to working with the brands’ associates to continue delivering great products and memorable experiences to their customers, while positioning each for long-term success.”
Davis Polk is advising Sycamore Partners on the $540 million acquisition by its affiliate, Premium Apparel LLC, of the Ann Taylor
Ann Taylor
On December 23, 2020, Ascena announced that Sycamore Partners has completed its acquisition of Ann Taylor, LOFT, Lou & Grey and Lane Bryant brands. Ascena is now a privately held company owned by Sycamore Partners and no longer a publicly traded company and has emerged out of bankruptcy.
https://en.wikipedia.org › wiki › Ascena_Retail_Group
Ascena Retail Group has completed the sale of its premium brands, including Ann Taylor, Loft, Lou & Grey, and Lane Bryant, to Premium Apparel LLC, an affiliate of Sycamore Partners. The sale, first announced in November and priced at $540 million, comes as the Mahwah, New Jersey-based Ascena works to exit bankruptcy.
Its principal brands comprise Ann Taylor, LOFT, dressbarn, Lane Bryant, Catherines, and Justice brands. The company also offers its products through its Websites, including anntaylor.com, LOFT.com, outlet.loft.com, louandgrey.com, dressbarn.com, lanebryant.com, catherines.com, and shopjustice.com.
Ascena is now a privately held company owned by Sycamore Partners and no longer a publicly traded company and has emerged out of bankruptcy. On January 4, 2021, Gary Muto stepped down as CEO of Ascena and in place Lizanne Kindler was named as the Executive Chair and Interim Chief Executive Officer of Ascena.
The company, Ascena Retail Group, will close 1,600 of its approximately 2,800 stores and hopes to shed $1 billion of its $1.1 billion in debt, the company said in a Chapter 11 filing in U.S. Bankruptcy Court in the Eastern District of Virginia.
Premium brands try to address and appeal to a larger audience than luxury brands. They are seeking to sell to anyone who is willing to pay for the quality and upgrade from the value version of the product.
Sycamore had bought the brands from Ascena Retail Group for $540 million in November 2020. Lizanne Kindler, current CEO of Talbots, will lead KnitWell Group as Executive Chair and CEO.
On May 21, 2019, Ascena Retail Group announced that it would eliminate Dressbarn's brick-and-mortar format and would be spun off. Dressbarn was acquired by the private equity firm Retail Ecommerce Ventures.
UPDATE: May 7, 2019: Ascena on Monday announced the completion of its sale of Maurices. The company received $210 million in cash before expenses, and an approximately 49.6% interest in the OpCapita affiliate that is now the banner's owner, according to a company press release.
Ascena brands include LOFT, Lane Bryant, Justice, Lou & Grey, Cacique and Ann Taylor. It operates through an extensive network of stores and eCommerce websites in the US, Canada, and others. Ascena is headquartered in Mahwah, New Jersey, the US.
The company employs more than 64,000 associates across its approximately 2,800 stores throughout the United States, Canada and Puerto Rico. In 2019, the company had $5.5 billion in revenue.
Mackenzie Financial Corporation is currently the largest shareholder, with 13% of shares outstanding. With 10% and 8.1% of the shares outstanding respectively, Jarislowsky, Fraser Limited and Canada Pension Plan Investment Board are the second and third largest shareholders.
A premium brand is an individual, company, product, or service generally perceived to have an elevated status, unique quality, or exceptional value in the eyes of its target market. In other words, premium brands have the "It Factor".
Sycamore Partners has created a new holding company for its Ann Taylor, Loft and Talbots brands, the KnitWell Group, which will also provide oversight and shared services to the plus-size women's apparel brand Lane Bryant. Sycamore had bought the brands from Ascena Retail Group for $540 million in November 2020.
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