Home / Knowledge / News / Fashion / Ascena Retail Group completes acquisition of ANN INC
Ascena Retail Group completes acquisition of ANN INC
22
Aug '15
Ascena Retail Group, Inc. a leading American specialty retailer offering clothing, shoes, and accessories for missy and plus-size women, has announced that it has completed its acquisition of ANN INC. for a combination of cash and Ascena stock in an accretive transaction.

In a statement Ascena said that with the completion of the merger, ANN INC. shares have been be delisted from the NYSE and trading have cease at the close of business on August 21. ANN INC. will continue to operate as a wholly-owned subsidiary of Ascena.

With the addition of the Ann Taylor, LOFT, and Lou & Grey brands, Ascena is now one of North America's largest and most diversified specialty apparel retailers, with $7.4 billion in trailing 12 month sales, a combined fleet of over 4,900 stores, and over 70,000 associates.

David Jaffe, Ascena's president and CEO, commented: “We expect to leverage ascena's state-of-the-art distribution and fulfillment centers and its shared services capabilities to rapidly and comprehensively integrate the ANN INC. brands, and drive significant value to our stockholders. We have identified $150 million in annualized run rate synergies resulting from this transaction that we expect to capture by the end of the third year post-closing.”

ANN INC president and CEO Kay Krill said, “Combined with Ascena, we have a stronger competitive position and financial base as part of the nation's largest specialty retailer focused exclusively on women's apparel. In taking this next step, our focus on our clients remains unchanged. We look forward to continuing to be her go-to wardrobing destination by delivering the same great fashion, the same high level of quality and service, and the seamless shopping experience that are hallmarks of shopping with our brands.” (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Christian Dior

Fashion | On 25th Apr 2017

LVMH to acquire Christian Dior Couture for €6.5bn

LVMH and Christian Dior, which holds directly and indirectly 41 per...

Information Technology | On 25th Apr 2017

Self-repairing fabrics to be the future of fashion

It is the era of smart. Intelligent materials like self-repairing...

Textiles | On 25th Apr 2017

Indonesia revitalising textile sector

With exports of textile and textile products rising in Indonesia, the ...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search