An affiliate of Sycamore Partners, Premium Apparel recently bought brands like Ann Taylor, LOFT, Lou & Grey, and Lane Bryant from the Ascena Retail Group and some of its subsidiaries. Each of these is are well-known brands with passionate associates and loyal customers. They have significant potential and can offer new and relevant experiences for customers, said Stefan Kaluzny, Managing Director, Sycamore Partners.
Premium Apparel plans to retain a substantial portion of retail stores, associates, and corporate operations affiliated with these brands. It will work with the brands’ associates to continue delivering great products and memorable experiences to their customers, while positioning each for long-term success.
Premium Apparel will acquire the brand assets for a purchase price of $540 million, on a cash-free and debt-free basis, subject to certain adjustments, and the assumption of certain liabilities. The transaction is expected to be completed by mid-December.
