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ABG wins bid in Nine West Holdings auction
17
Jun '18
Courtesy: Nine West
Courtesy: Nine West
Authentic Brands Group (ABG), owner of a global portfolio of celebrity and entertainment and lifestyle brands, has won the bid in the auction conducted by Nine West Holdings under the US Bankruptcy Code. ABG's winning bid is valued at over $340 million of cash and other consideration. This winning bid is over $140 million more than ABG's stalking horse bid.

Nine West Holdings is a leading jeanswear, women's apparel, fashion jewelry and footwear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt.

"Authentic Brands Group is an industry leader and we are pleased that they will bring the dedicated expertise and resources to manage the next stage in the life of two strong brands," said Ralph Schipani, CEO of Nine West Holdings. "We are pleased to have completed this important step in our restructuring and are now focused on moving forward with the reorganisation of our remaining businesses with the support of our key stakeholder groups."

"This was a highly competitive bidding process, which is a testament to the strength of these brands and we are thrilled that the outcome had ABG taking ownership of Nine West and Bandolino," said Jamie Salter, chairman and CEO of ABG. "The addition of these two brands enhances ABG's growing lifestyle portfolio, while launching our global footwear platform. We see incredible opportunity to expand the brands beyond footwear and handbags, specifically in the apparel and home categories as well as in new markets around the world."

As part of the transaction, ABG assumes all licensing partnerships and marketing initiatives for the Nine West and Bandolino brands. With respect to the brands' footwear and handbag categories, ABG has appointed Marc Fisher Footwear (MFF) to operate the footwear businesses and Signal Products to operate the handbag and SLG businesses.

"We are excited to expand our partnership with ABG and to help drive the global success of Nine West and Bandolino," said Marc Fisher, founder and CEO, Marc Fisher Footwear. "As my father co-founded Nine West and Bandolino, I spent much of my footwear career working on these two brands. I am thrilled to have the opportunity to build great product that will resonate strongly with consumers and reinvigorate these brands in the marketplace."

"This purchase elevates ABG's footwear and accessories business to over $2 billion in global retail sales and brings our portfolio to nearly $8 billion," said Nick Woodhouse, president and CMO of ABG. "The international footwear and accessories platform we have created in conjunction with Marc Fisher and Jason Rimokh (Signal brands) further positions ABG as a leader in the fashion footwear and accessories space, while propelling the company to its next level of global growth."

The sale is subject to approval by the Bankruptcy Court and certain customary closing conditions set forth in the company's purchase agreement with Authentic Brands Group. A hearing to approve the sale has been scheduled in US Bankruptcy Court for June 18, 2018. The sale is expected to be complete by July 15, 2018. (SV)

Fibre2Fashion News Desk – Indiaf


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