WHP Global acquires fashion brand Anne Klein

July 21, 2019 - United States Of America

WHP Global has announced that the company has acquired the global fashion brand, Anne Klein, from Premier Brands Group. An iconic legacy women’s fashion brand founded in 1968, Anne Klein serves women around the world with classic American style. WHP Global has also planned to invest up to $1 billion in consumer brands over the next five years.

As part of WHP, Anne Klein will sharpen its focus on driving growth with key retailers in the US, including Macy’s, as well as identifying new categories and expanding globally. WHP plans to invest significantly in marketing, social media, and digital commerce to drive increased brand engagement, according to a press release by WHP Global.

Yehuda Shmidman, WHP chairman and CEO, has held several c-suite roles in the brand management industry, where he raised and invested nearly $2 billion of institutional capital in fashion, home, entertainment and consumer brands. He is the founder of Wave Hill Partners, a corporate business development advisory firm, and currently serves as vice chairman for the parent company of Toys “R” Us.

“With a strong track record of successfully identifying and growing global consumer brands, Yehuda and his team are the right partners to build WHP and develop a robust portfolio of consumer brands, optimised to operate in today’s retail landscape, as well as into the future,” Thomas Casarella, managing director at Oaktree and member of the WHP Board of Directors said.

“The Anne Klein brand is in good hands, and we are excited to continue our involvement as a long-term licensee for multiple categories including sportswear and jewellery. The divestiture aligns with our focus of being a leading wholesaler of women’s apparel, jeanswear, and accessories to major US and international retailers,” Ralph Schipani, CEO of Premier Brands Group said.

In connection with the Anne Klein transaction, Pryor Cashman LLP, Kirkland & Ellis LLP and Boies Schiller Flexner LLP served as legal advisors to WHP Global and affiliates, and Guggenheim Securities and Kramer Levin Naftalis & Frankel LLP served as financial and legal advisor, respectively, to Premier Brands Group. Debt financing for the acquisition was provided by BlackRock Private Credit, including TCP Capital, BlackRock Capital, and certain private investment funds. (GK)