BROOKS BROTHERS HAS OFFICIALLY BEEN SOLD
Authentic Brands Group (ABG) and SPARC Group have finalized the acquisition of Brooks Brothers in a deal worth $325 million.
Through the transaction, SPARC, the dedicated operating company for ABG-owned brands including Aéropostale, Nautica, and Lucky Brand, assumes the role of core licensee for Brooks Brothers.
SPARC will manage the entirety 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 a fresh slate of 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 e-commerce footprint. We see a great opportunity to strategically expand this powerhouse brand across the globe.”
“Brooks Brothers’ new structure is another example of how ABG and SPARC are innovating the traditional brand model,” added Marc Miller, CEO of SPARC. “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.”
Brooks Brothers filed for bankruptcy protection in July. In a court filing, Brooks Brothers said it has approximately $600 million in debt. Many of its U.S.-based stores had already been struggling before the onset of the Coronavirus pandemic.
Since opening its doors on April 7, 1818, in New York City, Brooks Brothers has grown from a small family haberdasher to a global brand that has shaped and defined American style through its product innovations.
American fashion today is a result of years of innovations and revolutionary disruptions by Brooks Brothers. While perhaps best-known today as a “classic” brand, it is important to note that the brand’s founder, Henry Sands Brooks (1772 – 1833), was no traditionalist at all. He was actually a dandy and an influencer among his peers, always on the lookout for the newest and most novel styles for his emporium in lower Manhattan selling “every new style of cloth, of the finest quality, made to order in the best and most fashionable mode.”
Throughout its history, Brooks Brothers has forged relationships for generations of customers: artists and politicians, working people and captains of industry, and Hollywood legends, as well as 40 out of 45 U.S. Presidents.
Claudio Del Vecchio, the son of the founder of Italian eyewear giant Luxottica, was the brand’s most-recent owner and has focused on restoring the brand’s quality since acquiring it from British retailer Marks & Spencer in 2001 for $225 million.
GREAT PURCHASE
Not good for all the loyal employees at the ground level who just got told their store is closing and they involuntary lost their job today
It sounds to me like the pissing contest wants to die quietly and that there are always forces that won’t let it. The lesson of Covid seems to want to be let’s calm down and breathe. Let’s reduce consumption and aggressive attitudes. Let’s plant a fruit tree and share some figs with the neighbors. Let’s stop all this overkill and sit back, but no, always a few more who are ready to step in and run too hard. Too fast. Too noisy. Too pushy. Too greedy.
Jacquesviet34@gmail.com
I intend to continue my shopîng at Brooks Borthers
Fantastic news, let’s hope it will be run by knowledgeable courteous human beings, dedicated to serving the public in a much needed return to the traditions that made Brooks Bros an American institution. Bring back that fantastic SaxXon line of jackets and knitwear!
Your shittinf me!!!
This is good???
WTF.. are you kidding ??
You are all living in a new reality!
So true, we are living in new reality, so here’s an opportunity for a well known old Brand to demonstrate this in meaningful ways.
I hate to hear this news of more people losing their jobs .. sad day for brooks brothers employees.
Not good for all the loyal employees at the ground level who just got told their store is closing and they involuntary lost their job today
Brooks has successfully changed hands numerous times. It’s part of their story-their evolution- part of the reason why they are still around 200 years later. Kind of like SNL. Old-timers will always cry that their generation was better, yet they keep on keepin’ on. Best of luck to this generation!🐑
I acknowledge that Brooks Brothers had changed hands before, but I am not sure the changes were successful. As a mainstay of a certain type of style it had a loyal following that shared its love of that style and the store for generations. Although there were larger forces at work, certain changes associated with the two previous acquisitions ended that loyalty for much of its historic customer base. It will be fascinating to see which model the new owners pursue. Sometimes a new owner goes a radically new direction. A & F comes to mind. Sometimes they are true to the past. Here Mark Cross comes to mind. It is more curiosity than actual interest. I moved on from Brooks Brothers years ago.
It sounds to me like the pissing contest wants to die quietly and that there are always forces that won’t let it. The lesson of Covid seems to want to be let’s calm down and breathe. Let’s reduce consumption and aggressive attitudes. Let’s plant a fruit tree and share some figs with the neighbors. Let’s stop all this overkill and sit back, but no, always a few more who are ready to step in and run too hard. Too fast. Too noisy. Too pushy. Too greedy.
While I am curious to see how this changes Brooks Brothers. I am a big fan, but less the last few years, as they forgot the customer that built their brand. They moved into too many slim and extra slim sizes. I don’t consider myself fat, just a big guy, but they were not offering full cut dress shirts anymore. I love their dress shirts and have worn them for 30 years. These stores don’t seem to realize that trying to appeal to these young customers with these slim sizes does not work. There aren’t enough guys that wear slim and extra slim and if they do, they are probably not shopping at Brooks Brothers. If they feel that is a growing category, fine, but don’t throw away the larger sizes. They have a great brand, but it is time to get back to what got you there.
I agree starting with the original oxford cloth dress shirt whom many older and larger men loved. Brought in different version not better and charged 42.00 more. Needless to say they didn’t sell well. Then there final stupid move was getting rid of the basic gabardine trs with some weird feeling tech fabric. The company got way to greedy and all Claudio wanted to do was mug for the camera and pat himself on the back leaving poor decision making to his upper minions
Become that “Gentlemen’s Store” that you once were. Forget all the European fits that the previous owner injected and try bringing back the “Madison Guy”. Also stores gave space to kids merchandise. Reevaluate the space and inject newness by expanding your men’s business.
Couldn’t agree more with you Eva. CDV made some bad choices with his management team especially in the field. This definitely led to its demise.j
You can kiss the old BB goodbye it looks like sparc is geared towards a more online presence and spreading the merchandise around not to mention all the employees that no longer have a job. Way to already add to the many unemployed people during covid