Authentic Brands Group completes acquisition of Brooks Brothers
Authentic Brands Group has completed its acquisition of US business wear retailer Brooks Brothers.
The move follows Brooks Brothers’ filing for Chapter 11 bankruptcy protection in July after it struggled against the impact of the Covid-19 pandemic and a heavy debt load.
Jamie Salter, founder, chairman and chief executive of ABG, said: “We are thrilled to bring this world-class brand into the fold. Brooks Brothers comes at an important time in ABG’s development as we are placing a significant emphasis on growing our retail and ecommerce footprint. We see a great opportunity to strategically expand this powerhouse brand across the globe.”
SPARC, the dedicated operating company for ABG-owned brands, will assume the role of core licensee for Brooks Brothers and will also manage its retail, wholesale and ecommerce operations.
Meanwhile, ABG will oversee all licensing partnerships, new business and brand development, although it will share the retailer’s brand marketing responsibilities with SPARC.
Marc Miller, chief executive of SPARC, said: “Brooks Brothers’ new structure is another example of how ABG 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.”
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