Nine West concluded an auction of its Nine West and Bandolino footwear and handbag business. The deal amounting to 340 million US dollars was sealed with Authentic Brands Group.
Nine West Holdings, a jeanswear, women’s apparel, fashion jewelry and footwear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt, has announced that Authentic Brands Group (ABG), owner of a global portfolio of celebrity, entertainment and lifestyle brands, was the successful bidder in the auction conducted under Section 363 of the US Bankruptcy Code.
ABG’s winning bid is valued at over 340 million US dollars.
“Authentic Brands Group is an industry leader and we are pleased that they will bring the dedicated expertise and resources to manage the next stage in the life of two strong brands“, commented Ralph Schipani, CEO of Nine West Holdings, adding: “We are pleased to have completed this important step in our restructuring and are now focused on moving forward with the reorganization of our remaining businesses with the support of our key stakeholder groups.”
“This was a highly competitive bidding process, which is a testament to the strength of these brands and we are thrilled that the outcome had ABG taking ownership of Nine West and Bandolino”, stated Jamie Salter, Chairman & CEO of ABG, adding: “The addition of these two brands enhances ABG’s growing lifestyle portfolio, while launching our global footwear platform. We see incredible opportunity to expand the brands beyond footwear and handbags, specifically in the apparel and home categories as well as in new markets around the world.”
As part of the transaction, ABG assumes all licensing partnerships and marketing initiatives for the Nine West and Bandolino brands. With respect to the brands’ footwear and handbag categories, ABG has appointed Marc Fisher Footwear to operate the footwear businesses and Signal Products, Inc. to operate the handbag businesses.
“This purchase elevates ABG’s footwear and accessories business to over 2 billion US dollars in global retail sales and brings our portfolio to nearly 8 billion US dollars”, commented Nick Woodhouse, President & CMO of ABG, adding: “The international footwear and accessories platform we have created in conjunction with Marc Fisher and Jason Rimokh (Signal brands) further positions ABG as a leader in the fashion footwear and accessories space, while propelling the company to its next level of global growth.”
The sale is subject to approval by the Bankruptcy Court and certain customary closing conditions set forth in the company’s purchase agreement with Authentic Brands Group. A hearing to approve the sale has been scheduled in US Bankruptcy Court for 18th of June. The sale is expected to be complete by the 15th of July.