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New York & Co buys out fashion retailer Jasmine Co

20
Jul '05
Leading specialty fashion retailer New York & Company Inc announced it has acquired Boston-based Jasmine Company Inc, a privately held women's retailer of upscale and contemporary apparel, footwear and accessories under the "JasmineSola" and "Luisa Luisa" brand names.

Luciano Manganella, Jasmine Company Inc's (JasmineSola) President and Founder and Architect of its success, together with Stacey Manganella, JasmineSola's Executive Vice President, Merchandising, will continue to lead the JasmineSola organization and implement its growth initiatives.

JasmineSola was founded in 1970 in Harvard Square. The stores offer women a unique shopping experience, including sought after brands and the latest fashions in a boutique environment. The JasmineSola store base is highly productive, averaging in excess of $700 in sales per square foot.

Currently, JasmineSola operates 14 locations in Massachusetts, Connecticut and Rhode Island.

Richard P. Crystal, New York & Company Chairman and CEO, stated: "JasmineSola represents a great strategic fit for their company by enabling us, in a compelling environment, to appeal to a more fashion forward and affluent customer than their core business."

In addition, it provides us with a concept that is proven, scalable and highly productive. They are very excited to leverage their expertise in real estate development and operations with a concept that is at the beginning stages of growth.

"The stores, which cater to women ages 15 - 45, give us the ability for the first time to meet the apparel needs of upscale, brand-conscious women," Mr. Crystal continued.


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