Centric Brands LLC and WHP Global have agreed to acquire Joe’s Jeans brand, a provider of denim resources. No financial terms were disclosed. WHP Global is backed by Oaktree Capital Management and BlackRock.
NEW YORK–(BUSINESS WIRE)–Centric Brands LLC (the “Company”) and WHP Global (“WHP”) announced today they have signed a definitive agreement and received court approval to purchase the Joe’s Jeans brand, which will be subject to customary closing conditions. As part of the agreement, WHP will own the worldwide intellectual property in all global territories other than China and Centric will continue to operate Joe’s Jeans under a long-term exclusive license for their core categories and geographies across retail, wholesale, and e-commerce channels.
Founded in 2001, Joe’s Jeans has redefined premium denim with its inherently LA sensibility and distinctive point-of-view. With an emphasis on incorporating technology into design, the brand creates product for men, women and kids that is innovative and fits flawlessly. Joe’s Jeans offers denim, apparel, and accessories and is available at premium department stores in the United States, at specialty boutiques globally, 10 Joe’s Jeans stores, and at the digital flagship www.joesjeans.com. This year, Joe’s Jeans is celebrating its 20th anniversary and is buoyed by strong Ecommerce demand, on-trend fits in women’s, and men’s Kinetic denim.
“We have significantly invested in Joe’s Jeans throughout our years of operation and have established the brand as one of the leading premium denim resources,” said Jason Rabin, Chief Executive Officer of Centric Brands. “Celebrating its 20th year, we look forward to partnering with WHP Global to further develop the brand and new avenues to grow the business.”
Centric Brands is a global lifestyle brand collective that designs, sources, markets, and sells high-quality products in the kids, men’s and women’s apparel, accessories, beauty, and entertainment categories. The company’s portfolio includes over 100 owned and licensed iconic brands collectively generating approximately $2.5B in annual global sales.
“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,” stated Yehuda Shmidman, Chairman and Chief Executive Officer at WHP Global. “Together with Centric, we will look to build upon the core business and expand around the world to new geographies.”
WHP Global is a leading New York based brand acquisition and management firm backed by equity capital from funds managed by Oaktree Capital Management, L.P. and leverage financing provided by BlackRock. Following the close of the transaction, WHP’s portfolio – including Joe’s Jeans, William Rast, Toys“R”Us, Babies “R”Us, Anne Klein, Joseph Abboud, and Lotto – will collectively generate approximately $4 billion in annual global retail sales.
About Centric Brands LLC
Centric Brands LLC is a leading lifestyle brand collective that designs, sources, markets, and sells high-quality products in the kids, men’s and women’s apparel, accessories, beauty, and entertainment categories. The Company’s portfolio includes licenses for more than 100 iconic brands, including Calvin Klein®, Tommy Hilfiger®, Nautica®, Spyder®, and Under Armour® in the kid’s category; Joe’s Jeans®, Buffalo®, Hervé Léger®, and Izod® in the men’s and women’s apparel category; Kate Spade®, Michael Kors®, All Saints®, Frye®, Timberland®, Kenneth Cole®, and Jessica Simpson® in the accessories category; and in the entertainment category, Disney®, Marvel®, Nickelodeon®, and Warner Brothers® among many others.
The Company also owns and operates brands such as Zac Posen®, Hudson®, Robert Graham®, Avirex®, and Taste Beauty® and operates a joint venture brand, Favorite Daughter, with Sara and Erin Foster. The Company’s products are sold primarily in North America through leading mass-market retailers, specialty and department stores, and online. Centric Brands LLC has unparalleled expertise in product design, development and sourcing, retail and digital commerce, marketing, and brand building. The Company is headquartered in New York City, with U.S. offices in Los Angeles and Greensboro, and international offices in London, Toronto, and Montreal. For more information about Centric Brands, please visit www.centricbrands.com.