- Danielle Wightman-Stone |
Authentic Brands Group and Sparc Group have finalised the acquisition of US menswear retailer, Brooks Brothers for 325 million dollars.
“We are thrilled to bring this world-class brand into the fold,” said Jamie Salter, founder, chairman, and chief executive of Authentic Brands Group. “Brooks Brothers comes at an important time in Authentic Brands Group’s development as we are placing a significant emphasis on growing our retail and e-commerce footprint. We see a great opportunity to strategically expand this powerhouse brand across the globe.”
Through the transaction, Sparc, the dedicated operating company for Authentic Brands Group-owned brands including Aéropostale, Nautica and Lucky Brand, assumes the role of core licensee for Brooks Brothers, the company explained in a statement.
Authentic Brands Group finalises Brooks Brothers deal
Sparc will manage the entirety of the Brooks Brothers operations, including retail, wholesale and e-commerce.
Authentic Brands Group has also purchased the intellectual property and will oversee all licensing partnerships, new business and brand development.
Brand marketing will focus on adapting Brooks Brothers for a new generation, through “enhanced creative, engaging with and growing its following online and launching a fresh slate of collaborations,” which will be shared by Authentic Brands Group and Sparc.
Marc Miller, chief executive of Sparc, added: “Brooks Brothers’ new structure is another example of how Authentic Brands Group and Sparc are innovating the traditional brand model.
“Our strategic partnership will allow us to leverage the tremendous equity of this quintessential American brand through key partnerships, dynamic marketing and cutting-edge product design.”
Brooks Brothers, the upmarket retailer was owned by Italian businessman Claudio Del Vecchio since 2001, filed for bankruptcy protection in July.
Image: courtesy of Authentic Brands Group