JOE’S JEANS INC. SELLS JOE’S BRAND, MERGES HUDSON WITH ROBERT GRAHAM
Denim company Joe’s Jeans Inc., which has been struggling ever since it acquired competitor Hudson for $98 million in 2013, announced yesterday that it is selling its Joe’s Jeans brand and operating assets to two separate buyers, Sequential Brands Group Inc and Global Brands Group Holding Limited for an aggregate price of $80 million.
In addition, it will merge Hudson with Robert Graham’s parent company RG Parent LLC, change its name to Differential Brands Group(DBG) Inc. and remain listed on the NASDAQ.
Tengram Capital Partners, the controlling owner of Robert Graham, will invest $50 million into the new platform.
Once the merger is complete, Michael Buckley, the current CEO of Robert Graham, will become DBG’s CEO. “I believe Differential is uniquely positioned to become one of the leading premium omni-channel brand platforms in the world, and I am thrilled to begin leading the company as Chief Executive Officer after the closing of the merger,” he said in a statement.
