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Wells Fargo finances acquisition of Haggar Clothing

25
Jun '19
Pic: Haggar Clothing
Pic: Haggar Clothing
Wells Fargo Capital Finance, part of Wells Fargo Company, has financed the taking over of Haggar Clothing, a leading apparel company, by Randa Accessories, one of the leading accessories companies. Randa, a privately held company founded in 1910, produces belts, wallets, headwear, slippers, luggage, neckwear, jewelry, and other accessories under 50 brands.

“The acquisition of Haggar is an important waypoint on our strategic journey,” said Jeffrey Spiegel, CEO of Randa. “This transaction brings together two successful, financially strong businesses to better serve our retail and brand partners. The team at Wells Fargo was able to tailor a credit facility to fit our needs and also provide flexibility to support our global footprint and distribution network.”

Randa is a producer of belts, wallets, headwear, slippers, luggage, neckwear, jewelry, and other accessories under 50 brands, including Levi's, Tommy Hilfiger, Columbia Sportswear, Dickies, and Kenneth Cole. Randa distributes its products globally through more than 20,000 stores and employs over 4,000 associates at 26 offices in 10 countries.

Since its beginnings in Dallas in 1926, Haggar Clothing has grown from a manufacturer of men's fine dress pants and slacks into one of the most recognised apparel brands in the market. Haggar also owns Montreal-based Tribal. Tribal was founded in 1971 and is the largest women's sportswear supplier to the specialty boutique market in North America, with over 2,400 active accounts.

“Working with these dynamic companies and their incredible management teams is extremely rewarding as they continue to pave the way in their shared industry,” said Michael Vasquez, Wells Fargo Capital Finance. “Asset-based lending is proving to be a great financial fit for revolutionary companies who are changing the retail landscape as consumer buying habits shift. We are excited to work with them in structuring a flexible financing solution that can evolve with their business strategy as they continue to grow their business in exciting new ways.” (SV)

Fibre2Fashion News Desk – India


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