Men’s Wearhouse to acquire Joseph Abboud for $97.5 million
Fremont, Calif. – The Men’s Wearhouse has signed a definitive agreement to acquire JA Holding, the parent company of the Joseph Abboud clothing brand, for approximately $97.5 million.
JA Holding’s product lines include Joseph Abboud, JOE Joseph Abboud, Joseph Abboud Boys and Joseph Abboud Home. The purchase agreement also includes a US tailored clothing factory employing about 450 people.
“This transaction accelerates our strategy of offering exclusive brands with broad appeal at attractive prices,” said Doug Ewert, president and CEO of Men’s Wearhouse.
Brand founder and creator Joseph Abboud has served as chief creative director of Men’s Wearhouse since December 2012.
The transaction is expected to close in third quarter 2013.
CafePress gets new CIO
LOUISVILLE, Ky. — CafePress, a proprietary print-on-demand services and e-commerce platform provider, has appointed Garett Jackson to the newly created role of CIO. Jackson is based in Louisville and will report to CEO Bob Marino.
"Garett is a highly successful executive who brings a wealth of experience in information systems, business operations and financial controls to CafePress," said Marino. "His substantial experience integrating and optimizing complex systems will be an asset to us as we continue to expand operations to support the roll out of new and engaging ways to serve our customers."
"Quality and operational excellence have always been key strengths for CafePress, and I believe I can further improve our processes and systems to capitalize on the tremendous growth opportunities driven by our proprietary e-commerce customization technology," said Jackson.
Most recently, Jackson was the CFO of National Patient Account Services, Inc., a leading provider of extended business office services to the healthcare industry. While at NPAS, he led strategic initiatives for the company, which included operational business process improvements, the creation of audit and control environments and the development of Web applications to support operations. He interfaced with hundreds of hospitals, seamlessly incorporating disparate systems into the NPAS network. He was responsible for managing a team of more than 60 finance, IT and other administrative professionals and had previously been the company’s controller from 2000 to 2003. Prior to joining NPAS, Jackson was an auditor and information systems consultant with Carpenter, Mountjoy, & Bressler in Louisville, Ky. He has a BA in accounting from Bellarmine College.
CafePress’ portfolio of e-commerce websites and services includes CafePress.com, CanvasOnDemand.com, GreatBigCanvas.com, Imagekind.com, InvitationBox.com and Logosportswear.com and EZ Prints, Inc. Additionally, CafePress Services drives revenue for corporate partners by providing turnkey, personalized e-commerce solutions.
Overstock’s Q2 fueled by increase in order size
SALT LAKE CITY — Overstock.com reported net revenue of $293.2 million for the second quarter ended June 30, a 22% increase from $239.5 million for the same quarter last year. The growth in net revenue was primarily due to a 21% increase in average order size.
The company’s gross profit for the quarter was $57.8 million, a 34% increase from $43.2 million for the second quarter last year. The increase in gross profit was primarily due to higher revenue, a shift in product sales mix into higher margin home and garden products, and lower warehousing costs, partially offset by higher freight costs.
The company’s net income was $3.7 million for the quarter, an increase of $3.2 million from $470,000 for the second quarter last year.
Overstock.com is an online discount retailer based in Salt Lake City, Utah, which sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars.