Pittsburgh, Pennsylvania-based teen retailer American Eagle Outfitters, Inc. has announced the acquisition of Todd Snyder in an $11 million all cash and stock deal. Founder and creative director, Todd Snyder joins the company as executive vice president, reporting to Chad Kessler, global brand president of American Eagle Outfitters. Jimmy Olsson joins as vice president and will continue to lead the day-to-day operations of Tailgate and Todd Snyder New York.
The sale was ultimately driven by American Eagle’s desire to add Tailgate Clothing to their roster of brands. Tailgate Clothing is Snyder’s lesser-known company that offers a vintage, sports-inspired apparel brand with a college town store concept.
“We are thrilled to add these unique brands to our portfolio, which provide exciting new business opportunities,” said Jay Schottenstein, interim CEO. “Todd and Jimmy bring exceptional creative talent and operational skills. They will continue to lead the business, as our organization remains focused on driving continued momentum and profit improvement. Capital investments in the Tailgate and Todd Snyder brands will be paced, with a test and scale approach based on profitability and return on investment.”
“Joining a leading American retailer is an exciting step for our brands and provides a strong foundation for future growth,” said Snyder. “Our new Tailgate store concept is an ideal outlet to integrate AE jeans and apparel, creating a unique lifestyle destination on college campuses. I look forward to contributing to AEO’s future success.”