The nation’s oldest apparel company has new owners.
Authentic Brands Group (ABG) and Sparc Group, a venture backed by Simon Property Group, completed their $325 million acquisition of the 200-year-old Brooks Brothers. As previously reported, at least 125 Brooks Brothers stores will remain open as part of the agreement.
With the deal completed, Sparc, the dedicated operating company for ABG-owned brands including Aéropostale, Nautica and Lucky Brand, assumes the role of core licensee for Brooks Brothers. It will manage all of Brooks Brothers’ operations, including retail, wholesale and e-commerce.
ABG has purchased the intellectual property and will oversee all licensing partnerships, new business and brand development.
Brand marketing, which will focus on adapting Brooks Brothers for a new generation through enhanced creative, engaging with and growing its following online and launching new collaborations, will be shared by ABG and SPARC.
“We are thrilled to bring this world-class brand into the fold,” said Jamie Salter, founder, chairman, and CEO of ABG. “Brooks Brothers comes at an important time in ABG’s development as we are placing a significant emphasis on growing our retail and eCommerce footprint. We see a great opportunity to strategically expand this powerhouse brand across the globe.”
Added Marc Miller, CEO of Sparc: “Brooks Brothers’ new structure is another example of how ABG and Sparc are innovating the traditional brand model.”
“Our strategic partnership will allow us to leverage the tremendous equity of this quintessential American brand through key partnerships, dynamic marketing and cutting-edge product design,” Miller continued.
Brooks Brothers has more than 500 freestanding stores and shop-in-shops and is available in department stores, specialty channels and outlets in 45 countries worldwide.