A team of the biggest US mall owner, Simon Property Group, and apparel licensing firm Authentic Brands Group (ABG) has been chosen by a bankruptcy court as the winning bidder to acquire denim brand Lucky for $140.1 million. The two — in a venture known as Sparc —are set to assume the role of core licensee and operating partner for Lucky, overseeing all sourcing, product design and development, running all of the retailer’s stores in North America, and its e-commerce business.
Lucky has more than 175 stores in North America, and its merchandise is also often found in department stores like Macy’s. The clothing brand filed for Chapter 11 bankruptcy protection in early July, falling victim to the pain that has been inflicted upon the retail industry during the coronavirus pandemic.
ABG, which acquired a number of retailers over the years including Barneys New York and Nine West, will own Lucky’s intellectual property and oversee all licensing partnerships, new business and brand development. The acquisition will boost ABG’s portfolio to over $13 billion in global retail sales annually.
