CANADA: Carter’s to acquire Bonnie Togs for US$98m
US children’s apparel specialist Carter’s has agreed to acquire Canadian licensee Bonnie Togs in a deal worth up to US$98m.
The children’s wear retail chain, which has 59 of its own stores plus 22 Carter’s/OshKosh B’gosh outlets, recorded net sales in the year to May 2011 of C$100m (US$103m), up 30%.
Bonnie Togs has been Carter’s principal licensee in Canada since 2007 and the company’s most significant international licensing partner.
The deal, expected to close within 45 days, includes a cash payment upon closing of $62m, with the balance payable upon attainment of certain earnings objectives over a four-year period.
“The acquisition of Bonnie Togs is an important component of our long-term strategy to extend the reach of our Carter’s and OshKosh B’gosh brands to consumers in international markets,” said Michael Casey, Carter’s chairman and CEO.
“We see significant potential for growth in Canada, with an opportunity to operate approximately 160 stores contributing total annual revenues of more than $200m by 2016.”
Children's and baby apparel company Carter's recorded a 20% drop in third quarter profit, impacted by higher cotton prices despite a 23.5% sales surge....
A forecast for apparel price rises over the next two decades, Reebok paying $25m in customer refunds over claims made for its toning footwear, and the loss of up to 500 jobs at dyes and chemicals make...
A former executive vice president of Carter's Inc has been charged with financial fraud and insider trading at the children's clothing maker between 2004 and March 2009....
- Marks & Spencer to extend mobile phone monitoring
- China tightens on corporate social responsibility
- Outdoor industry's future must be more inclusive
- Factoring: a lifeline for apparel suppliers?
- Responsible apparel sourcing requires teamwork
- Adidas "Reebok sale" would be admittance of defeat
- H&M and The North Face commit to responsible down
- Bangladesh taps factory inspectors ahead of review
- UPDATE: A&F appoints Horowitz to head Hollister
- Coats to open new zip factory in Bangladesh
- Ethiopia – the emerging textile and clothing industry
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Wool in the 21st Century: new prospects for a familiar fibre
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Vietnam