Nine West Holdings Inc. and Authentic Brands Group confirmed today that the latter is the new owner of shoe and accessory labels Nine West and Bandolino following a bankruptcy auction over the weekend.
ABG — which reportedly beat out DSW Inc. — cast the winning offer of $340 million on Sunday, an amount that was $140 million higher than the stalking horse bid it put in when Nine West Holdings filed Chapter 11 in April.
“This was a highly competitive bidding process, which is a testament to the strength of these brands and we are thrilled that the outcome had ABG taking ownership of Nine West and Bandolino,” said ABG chairman and CEO Jamie Salter. “The addition of these two brands enhances ABG’s growing lifestyle portfolio, while launching our global footwear platform. We see incredible opportunity to expand the brands beyond footwear and handbags, specifically in the apparel and home categories as well as in new markets around the world.”
As part of the transaction, ABG — owner and licensor for a range of lifestyle, celebrity and entertainment brands including Frye, Juicy Couture, Elvis Presley and Marilyn Monroe — assumes all licensing partnerships and marketing …read more
Source:: Footwearnews – Business