Latest news with #AuthenticBrands
CNA
29-07-2025
- Business
- CNA
French luxury giant LVMH is exploring sale of Marc Jacobs brand
LVMH is working on a sale of its Marc Jacobs fashion brand as the luxury goods giant contends with a slump in demand, according to people familiar with the matter. The Paris-based conglomerate behind brands including Louis Vuitton, Dior and Moet Hennessy had approached potential buyers including Reebok owner Authentic Brands, about a sale of the fashion label, which it has owned since 1997, two people said. The attempt to offload one of its smaller brands follows a rough stretch for LVMH, which is controlled by French billionaire Bernard Arnault. The group has seen its share price slump 19 per cent over the past year, driven by a downturn in the luxury goods sector. LVMH and its competitors have been hurt by a combination of trade uncertainty affecting consumers around the world, weakening demand from Chinese shoppers and price rises that have turned away US customers. The talks, first reported by The Wall Street Journal, were ongoing and there were no guarantees that a deal will be concluded, the people said. LVMH and Authentic Brands declined to comment. On Jul 24 (Thu) LVMH said its operating profit declined by 15 per cent to just over €9 billion (US$10.44 billion; S$13.42 billion) in the first half of the year, a slightly better performance than analysts had forecast. LVMH's core fashion and leather goods business reported a steep decline in quarterly sales, highlighting continued weak demand for luxury goods after a period of price rises and heightened economic uncertainty. On Thursday's earnings call, Cecile Cabanis, LVMH's finance chief, said the company, known as a serial acquirer, was open to selling brands that do not fit within its portfolio, citing the decision to offload stakes in the Off-White and Stella McCartney fashion labels last year. 'We will not keep brands if we believe they are not a good add-on, or we are not the right operator to operate them,' said Cabanis. LVMH's last big deal was its US$16.2 billion acquisition of US jeweller Tiffany. Founded in 1984 by Marc Jacobs, the eponymous brand is known for its designer handbags and upmarket accessories. Jacobs served as LVMH's creative director between 1997 and 2014.
Yahoo
03-07-2025
- Business
- Yahoo
Authentic Brands and WHP Global said to bid for Lands' End
-- Brand management companies Authentic Brands Global and WHP Global have placed bids to acquire apparel retailer Lands' End, according to a Reuters report on Wednesday. Lands' End, which specializes in casual sweaters and other clothing items, announced in March it was exploring strategic alternatives, including a potential sale, to maximize shareholder value. The company has engaged investment bank Perella Weinberg Partners to assist with this process. Prior to the Reuters report, Lands' End stock was trading at approximately $11 per share, giving the company a market capitalization of around $360 million. Potential pricing or timeline of the deal were not disclosed. The apparel retailer was previously owned by Sears until it was spun off in 2014. Related articles Authentic Brands and WHP Global said to bid for Lands' End OpenAI denies partnership with Robinhood on stock tokens Changan plans European factory to support sales expansion Sign in to access your portfolio
Yahoo
02-07-2025
- Business
- Yahoo
Authentic Brands and WHP Global said to bid for Lands' End
-- Brand management companies Authentic Brands Global and WHP Global have placed bids to acquire apparel retailer Lands' End, according to a Reuters report on Wednesday. Lands' End, which specializes in casual sweaters and other clothing items, announced in March it was exploring strategic alternatives, including a potential sale, to maximize shareholder value. The company has engaged investment bank Perella Weinberg Partners to assist with this process. Prior to the Reuters report, Lands' End stock was trading at approximately $11 per share, giving the company a market capitalization of around $360 million. Potential pricing or timeline of the deal were not disclosed. The apparel retailer was previously owned by Sears until it was spun off in 2014. Related articles Authentic Brands and WHP Global said to bid for Lands' End Trump strikes trade deal with Vietnam, imposes 20% tariff Amazon stock target raised at Truist on expected beat and raise quarter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
11-06-2025
- Business
- Fashion Network
Walgreens, Authentic Brands, Kourtney Kardashian among those evaluating Rite Aid assets, sources say
Authentic Brands, which owns Reebok and is a Saks Fifth Avenue investor, bought the IP of fast-fashion chain Forever 21 and luxury seller Barneys out of bankruptcy. WHP Global resurrected Toys "R" Us following its 2017 bankruptcy, while Marquee acquired fashion retailer BCBG Max Azria Group out of bankruptcy. Kardashian, co-founder of gummy vitamin maker Lemme and owner of wellness and lifestyle website Poosh, has expressed interest in Rite Aid's ice cream brand Thrifty, the people said. Rite Aid, which operates about 1,200 stores and has around 8 million customers, filed for bankruptcy in May for the second time in two years. U.S. Bankruptcy Judge Michael Kaplan already approved store closures and a sale of customer prescription files to 13 buyers including CVS Health, opens new tab and Walgreens. Brand management firms like Authentic, Marquee and WHP typically buy a brand's IP and then license it to operating partners which have the manufacturing, design and sales responsibilities. The pharmacy chain's Thrifty ice cream brand is sold by the scoop at counters in certain Rite Aid locations or by the carton at Rite Aid and other retailers nationwide. Thrifty launched in 1940 at a small factory in West Hollywood and counts several celebrities as customers, including Kardashian, who could buy the brand by herself or with a partner, the people said. Some consumer-focused private equity firms are also eyeing Thrifty, the sources said. Rite Aid, Walgreens, Authentic Brands, and WHP declined to comment. Marquee Brands and representatives for Kardashian did not respond to requests for comment. The current bid deadline for the remaining assets is June 18 at 5 p.m. ET (2100 GMT). Pennsylvania-based Rite Aid has struggled under a high debt load, inflationary pressures and increased competition.
Hindustan Times
27-05-2025
- Business
- Hindustan Times
Liberated Brands, owner of Quicksilver, Billabong, and Volcom, shuts stores and files for bankruptcy
Liberated Brands, a licensee of the global leader in apparel Authentic Brands, filed for Chapter 11 bankruptcy in February 2025. It held licenses to several brands under the Authentic Brands group such as Quiksilver, Billabong, Roxy, RVCA, Honolua, and Boardriders in North America along with wholesale licenses for Billabong and RCVA. In December last year, Authentic terminated Liberated's license rights for Volcom, RCVA, and Billabong following the company's failure to pay royalties. The company filed for bankruptcy soon after stating that the decision meant to 'implement an orderly monetization and disposition of its businesses. The company has been in the process of transitioning its brand licenses to new license holders as part of a management transition to ensure continuity for the brands and their success moving forward'. The licenses to the brands in question were soon transitioned to "new, well-capitalized partners who are actively investing in their growth and long-term success'. Liberated previously underwent a spike in revenue from $350 million in 2021 to $422 million in 2022 according to CEO Todd Hymel. He credited the sharp increase on demand during COVID-19 along with the acquisition of more brand licenses during that period as reasons for this growth. However, as interest rates began to rise following the end of the pandemic, demand for the company's products slipped drastically. There were hopes that Liberated would be able to regain its footing in the last 18 months but this was hampered by consumer interest shifting towards fast fashion instead. 'The average consumer has shifted their spending away from discretionary products such as those offered by Liberated,' Hymel said, as reported by Bloomberg. The traditional seasonal retail model found it difficult to keep up with the micro trend-oriented model followed by these new houses which produced larger quantities at lower prices. 'Consumers can cheaply, quickly, and easily order low-quality clothing garments from fast fashion powerhouses and have such goods delivered within days,' Hymel added. Rise in interest rates, inflation, supply chain delays, and decline in customer demand were some of the macroeconomic issues faced by the company which were referred to as 'significant liquidity challenges in 2024' by Hymel. On the occasion of a partner being unable to oblige their commitments, Authentic's executive vice president of action and outdoor sports and lifestyle, David Brooks feels that the company can then transition the agreement to others in the network. 'Liberated's U.S. store fleet was overinflated, burdened with outdated and underperforming locations. As a result, physical U.S.-based stores will likely be rationalized, allowing the brands to create more value and strengthen their presence across specialty retailers, department stores, and e-commerce — ensuring a more agile and resilient future,' he added. While filing for bankruptcy, Liberated expected to keep its stores open to sell off the last of its stock. "Through the filing of customary motions with the Court, Liberated intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits. The Chapter 11 process will be financed by JP Morgan," the company shared. The company's liquidation sale process suffered a problem however when its expected proceed did not match its going-out-of-business sales. The $65 million earned from the sale of assets did not cover the amount to its creditor- JP Morgan. This development led a judge to dismiss the bankruptcy filing. Matthew Fagen, the Kirkland & Ellis LLP restructuring partner representing Liberated at the court hearing said, 'What that means, your honor, is that based on the amount of value collected and the amount of value that we expect to be collected, there will not be enough proceeds, unfortunately, to pay the DIP (Debtor-in-Possession) claim in full or to pay the adequate protection claim for the ABL lenders in full.' The company still needs to collect $27 million from the $65 million it has generated. A shortfall of $22.1 million in DIP claims and $5 million of ABL adequate protection claims is expected. An objection from one of the company's creditors led the judge to grant dismissal. All remaining funds will go to JP Morgan while none of the remaining creditors will be paid.
