Sequential Brands Group is to acquire the Joe’s apparel brand – and has licensed Global Brands to design, produce and distribute its products.
The three way deal sees Sequential pay US$67 million for the brand, and Global will develop womenswear and menswear ranges under the label.
Sequential will oversee the global marketing strategy for key brand initiatives and Joe’s founder Joe Dahan will continue to lead product design and brand marketing as creative director.
Founded in 2001, Joe’s is a casual chic global lifestyle brand synonymous with classic, modernized wardrobe staples ranging from premium denim to handcrafted collection pieces, and from contemporary accessories to footwear.
Global Brands CEO Bruce Rockowitz describes Joe’s as an important addition to his company’s brand portfolio in a key fashion category.
“Denim is trending strongly right now and we are excited about the future growth opportunities for the brand.”
“Joe’s is a natural fit for Sequential as the brand seamlessly integrates into our fashion vertical,” said Yehuda Shmidman, Sequential CEO. “In addition, with a strategic global licensing partnership secured with Global Brands and Joe Dahan’s renewed commitment to the brand’s future, we believe that all together, we have a winning team in place to grow the Joe’s brand around the world.”
Dow Famulak, president and COO of Global Brands said the combination of Global Brands’ extensive retail relationships, strong design skills and distribution capabilities together with Joe’s popularity sets the stage for taking the brand to a new level.
Joe’s is currently sold across the US in department stores and specialty boutiques and internationally throughout Europe, Asia, Canada and Latin America at stores such as Nordstrom’s, Harrods, Liberty, Galeries Lafayette, Le Bon Marché, Printemps and Tsum.
The first range of Joe’s products produced in collaboration with Global Brands will launch in Spring 2016.
Sequential has obtained committed financing from GSO Capital Partners LP, an affiliate of Blackstone Group. The transaction is expected to close in September 2015, and the long term relationship with Global Brands will begin immediately thereafter.
