Partners emerge as buyers of Lucky Brand
Simon Property Group, the biggest US mall owner, and apparel licensing firm Authentic Brands Group (ABG) are partnering to buy denim company Lucky Brand for $140.1 million.
Lucky filed for Chapter 11 bankruptcy protection in July, having suffered from the effects of the coronavirus pandemic and related shutdowns.
Simon and ABG will serve as core licensee and operating partner for Lucky. They will oversee all sourcing, product design and development, running all of the retailer’s 175 North American stores and the e-commerce business. ABG will own Lucky’s intellectual property and oversee all licensing partnerships, new business and brand development.
The acquisition, according to ABG chief executive Jamie Salter, will boost the value of their portfolio to more than $13 billion in annual global retail sales.
“Lucky Brand’s DNA resonates strongly with today’s youth and we see tremendous opportunity to unlock its value in key territories around the world,” he said.
Image: Lucky Brand.
