Centric Brands and WHP Global have recently announced their partnership to acquire the popular denim brand, Joe's Jeans. The deal, valued at $48.5 million, was finalized on November 5, 2021, and is expected to support WHP Global's efforts to expand its fashion vertical. Founded in 2001, Joe's Jeans offers a wide range of denim, apparel, and accessories, which are available at premium department stores, specialty boutiques across the United States, and ten Joe's Jeans stores.
With a portfolio that includes over 100 iconic brands, Centric Brands generates approximately $2.5 billion in annual global sales. The company has its headquarters in New York City, with additional offices in Los Angeles, Greensboro, London, Toronto, and Montreal.
On the other hand, WHP Global is a New York-based brand acquisition and management firm that focuses on acquiring global consumer brands and investing in high-growth distribution channels, including digital commerce platforms and global expansion. WHP Global's brand portfolio generates over $6.5 billion in annual retail sales and includes well-known names such as Anne Klein, Joseph Abboud, Express, Isaac Mizrahi, Lotto, Toys“R”Us, and Babies“R”Us.
As part of the agreement to acquire Joe's Jeans, WHP Global will own the worldwide intellectual property in all global territories except China, while Centric Brands will continue to operate Joe's Jeans under a long-term exclusive license for their core categories and geographies across retail, wholesale, and e-commerce channels. Both companies aim to build upon the core business of Joe's Jeans and expand its presence to new geographies around the world.
This acquisition marks a significant milestone for both Centric Brands and WHP Global, as they join forces to further develop the Joe's Jeans brand and explore new avenues for growth. With their combined expertise in product design, development, sourcing, retail, digital commerce, marketing, and brand building, the partnership is poised to take Joe's Jeans to new heights in the global fashion industry.
