US: Aeropostale acquires online fashion retailer
Teen clothing retailer Aeropostale has acquired women's fashion footwear and apparel business GoJane.com to help drive its online growth.
Aeropostale CEO Thomas Johnson said the acquisition "complements our fast growing e-commerce business as we expand into new product categories and offerings." Terms of the deal were not disclosed.
Ontario-based GoJane was founded in 1998 by Tony Pang and Kurt Kimura and reported revenue of US$19.0m in fiscal 2011.
A soft start to the back-to-school season coupled with promotions in its core basics business contributed to a disappointing second quarter for Aeropostale in August.
Aeropostale Acquires Online Fashion Footwear and Apparel Retailer 'GoJane.com'
NEW YORK, Nov. 13, 2012 /PRNewswire/ -- Aeropostale, Inc. (NYSE: ARO), a mall-based specialty retailer of casual and active apparel for young women and men, today announced that it has acquired online women's fashion footwear and apparel retailer GoJane.com ("GoJane").
Based in Ontario, California, GoJane is a rapidly growing women's fashion retailer, with an extensive footwear assortment and a select offering of fashion apparel and accessories. The Company was founded in 1998 by Tony Pang and Kurt Kimura, and generated approximately $19.0 million in revenue in Fiscal 2011.
Thomas P. Johnson, Chief Executive Officer of Aeropostale, Inc., said, "We are very excited about our strategic acquisition of GoJane, which complements our fast growing e-commerce business as we expand into new product categories and offerings. We have been impressed with the development of the GoJane brand, and the entrepreneurial spirit and talent of the senior management team. We expect a seamless transition of this new business from a strategic, operational and cultural perspective."
"We are thrilled to become part of the Aeropostale family and find a partner that shares our values and vision for the GoJane business." said Tony Pang, Co-Founder of GoJane. Mr. Pang continued, "We look forward to sharing our respective customer bases, and leveraging Aeropostale's best in class infrastructure to develop and grow the GoJane business."
Terms of the deal were not disclosed.
GoJane.com® is an online retailer that focuses primarily on fashion footwear, with a select offering of contemporary apparel and other accessories. The Company strives to offer young women unique and trendsetting footwear and merchandise at compelling price points on its website, www.gojane.com. The Company is also dedicated to constantly providing its customers with a fresh and dynamic selection introducing new styles on its website on a daily-basis. The Company is headquartered in Ontario, CA.
About Aeropostale, Inc.
Aeropostale®, Inc. is a primarily mall-based, specialty retailer of casual apparel and accessories, principally targeting 14 to 17 year-old young women and men through its Aeropostale® stores and 4 to 12 year-old kids through its P.S. from Aeropostale® stores. The Company provides customers with a focused selection of high quality fashion and fashion basics at compelling values in an innovative and exciting store environment. Aeropostale® maintains control over its proprietary brands by designing, sourcing, marketing and selling all of its own merchandise. Aeropostale® products can only be purchased in Aeropostale® stores and online at www.aeropostale.com. P.S. from Aeropostale® products can be purchased in P.S. from Aeropostale® stores and online at www.ps4u.com and www.aeropostale.com. The Company currently operates 914 Aeropostale® stores in 50 states and Puerto Rico, 78 Aeropostale stores in Canada and 99 P.S. from Aeropostale® stores in 20 states. In addition, pursuant to various licensing agreements, our licensees currently operate 27 Aeropostale® and P.S. from Aeropostale® stores in the Middle East, Asia and Europe.
Original source: http://www.prnewswire.com/news-releases/aeropostale-acquires-online-fashion-footwear-and-apparel-retailer-gojanecom-179169941.html
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