WHP Global Acquires Joe’s Jeans
Centric Brands LLC (the “Company”) and WHP Global (“WHP”) announced today they have signed a definitive agreement and received court approval to purchase the Joe’s Jeans brand, which will be subject to customary closing conditions. As part of the agreement, WHP will own the worldwide intellectual property in all global territories other than China and Centric 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.
Founded in 2001, Joe’s Jeans has redefined premium denim with its inherently LA sensibility and distinctive point-of-view. With an emphasis on incorporating technology into design, the brand creates product for men, women and kids that is innovative and fits flawlessly. Joe’s Jeans offers denim, apparel, and accessories and is available at premium department stores in the United States, at specialty boutiques globally, 10 Joe’s Jeans stores, and at the digital flagship www.joesjeans.com. This year, Joe’s Jeans is celebrating its 20th anniversary and is buoyed by strong Ecommerce demand, on-trend fits in women’s, and men’s Kinetic denim.
“We have significantly invested in Joe’s Jeans throughout our years of operation and have established the brand as one of the leading premium denim resources,” said Jason Rabin, Chief Executive Officer of Centric Brands. “Celebrating its 20th year, we look forward to partnering with WHP Global to further develop the brand and new avenues to grow the business.”
Centric Brands is a global lifestyle brand collective that designs, sources, markets, and sells high-quality products in the kids, men’s and women’s apparel, accessories, beauty, and entertainment categories. The company’s portfolio includes over 100 owned and licensed iconic brands collectively generating approximately $2.5B in annual global sales.
“The acquisition of Joe’s Jeans in partnership with Centric is a win for WHP Global as it expands our growing fashion vertical which already includes ANNE KLEIN and JOSEPH ABBOUD,” stated Yehuda Shmidman, Chairman and Chief Executive Officer at WHP Global. “Together with Centric, we will look to build upon the core business and expand around the world to new geographies.”
WHP Global is a leading New York based brand acquisition and management firm backed by equity capital from funds managed by Oaktree Capital Management, L.P. and leverage financing provided by BlackRock. Following the close of the transaction, WHP’s portfolio – including Joe’s Jeans, William Rast, Toys“R”Us, Babies “R”Us, Anne Klein, Joseph Abboud, and Lotto – will collectively generate approximately $4 billion in annual global retail sales.