Authentic Brands Group has successfully bid for Nine West Holdings, a fashion company whose brands include Nine West, Anne Klein and Gloria Vanderbilt.
The winning bid was valued at more than $340 million in cash and other considerations, $140 million more than ABG’s stalking horse bid.
Under the terms of the agreement, ABG will now control all licensing partnerships and marketing plans for both the Nine West and Bandolino brands. ABG has tapped Marc Fisher Footwear to operate the operations and Signal Products to oversee the handbag and SLG businesses.
"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," says Jamie Salter, chairman and chief executive officer, ABG. "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."
The sale is subject to approval by the bankruptcy court and certain customary closing conditions set forth in the company's purchase agreement with Authentic Brands Group. The sale is expected to be complete in July.