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Randa Accessories to acquire Haggar Clothing

15
May '19
Pic: Randa
Pic: Randa
Randa Accessories, one of the world's leading accessories companies, has entered into a definitive agreement to acquire 100 per cent of Haggar Clothing Co. The transaction is expected to close within 45 days. Randa, a privately-held company, has reported that revenues for the combined companies will be greater than $1 billion in this year.

"The acquisition of Haggar is an important waypoint on our strategic journey," said Jeffrey Spiegel, CEO of Randa Accessories. "Following our Moats, Boats & Bridges strategic roadmap, this acquisition allows Randa to bring its existing expertise to adjacent brands, channels of distribution, and product classifications. This transaction brings together two successful, financially strong, and complementary businesses to better serve our retail and brand partners, our associates, and our consumers. We believe that brands matter -- and Haggar and Tribal are highly relevant brands in their respective markets."

"Randa is the ideal strategic partner for Haggar because of the combined strengths of our two companies," said Michael Stitt, Haggar CEO. "Jeff and his extraordinary leadership team add invaluable scale, resources, expertise, and marketing, in addition to retail partnerships. They align with our core values and high standards."

Haggar has over 80 branded brick-and-mortar retail locations, a dedicated direct-to-consumer e-commerce platform, and its products are sold in over 10,000 stores throughout North America.

"Today, understanding and applying consumer data is an essential tool," Spiegel added. "The addition of Haggar's retail stores and e-commerce business will supply us with invaluable insight into our consumers' evolving expectations and path-to-purchase. This information will provide a powerful and actionable lens for our retail and brand partners, as well as our consumers."

Haggar will remain in Dallas and will be managed by Haggar's current leadership team. "This is a healthy company, led by a strong and respected team of talented professionals," said Spiegel. "We intend to provide this extraordinary company with additional resources to drive our mutual success."

Randa is funding the acquisition through a combination of cash on hand and committed financing provided by Wells Fargo Bank, National Association and JPMorgan Chase Bank. (RR)

Fibre2Fashion News Desk – India


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