Centric Brands and WHP Global Partner have teamed up on a deal to buy the premium denim brand Joe’s Jeans. Centric and WHP have a definitive agreement and court approval for the deal, under which WHP will own the brand’s intellectual property, outside of China. Centric will continue to operate the business under a long-term exclusive license for its core categories and geographies.
Centric Brands which itself was caught with too much debt in the pandemic and went through bankruptcy court, coming out with a restructured balance sheet — has a portfolio of over 100 owned and licensed brands and sales of about $2.5 billion. In addition to Joe’s, the company makes men’s and women’s apparel under license for Buffalo, Hervé Léger and Izod.
Joe’s Jeans is trading hands just as denim picks back up. The brand was part of the wave of names driving the premium denim rush in the first decade of this century but times were leaner as consumers and the industry pivoted to athleisure looks. Now, after more than a year of lockdowns and leggings, and with a more casual approach to return to work and life, jeans are seeing a stronger comeback. A new denim cycle is gathering steam.