US-based investment company Gordon Brothers has bought troubled UK fashion label Bench and all its related IP assets.
Gordon Brothers has an established history of reinvigorating wounded fashion labels and retailers. It was a partner in the joint venture that bought Aeropostale out of Chapter 11 bankruptcy in the US several years back, and it relaunched the Wet Seal brand as an e-commerce business.
Bench has about 80 single-brand stores in Europe and North America and more than 2000 wholesale points of sale. The company recently commenced insolvency proceedings in the UK, which subsequently affected its German service companies in Munich.
In a statement announcing the deal, Ramez Toubassy, president of Gordon Brothers’ brands division, said: “Streetwear has never been hotter than it is today. We are excited to be able to acquire an authentic pioneer in the category and bring our thoroughly modern branding, marketing and business model to bear in reestablishing Bench as a streetwear powerhouse.”
The new owner says it will focus on “re-establishing the brand’s European e-commerce presence while it methodically re-builds the business’ wholesale footprint in that territory”.
In North America, Gordon Brothers will continue the brand’s long-standing partnership with Freemark Apparel Brands Group.