USA: Hartmarx Completes Acquisition Of Consolidated Apparel Group
Hartmarx Corporation today announced the completion of its acquisition of the Consolidated Apparel Group, a diversified marketer of men's sportswear headquartered in New York City.
Elbert O. Hand, chairman and chief executive officer of Hartmarx, said: "We are very excited to have Consolidated Apparel Group as part of the Hartmarx family. Its wide range of sportswear offerings are sold at price points and serve distribution channels which complement our current sportswear lines. Consolidated's revenues have been growing, now exceeding $50m annually, and its results are expected to have a positive impact on Hartmarx earnings."
Perry Wolfman, principal owner of Consolidated, will continue as president, reporting to Homi B. Patel, Hartmarx president and chief operating officer. Consolidated's management team will continue to report to Wolfman.
Mr. Wolfman added: "We are very pleased to be associated with Hartmarx and its well-regarded reputation for manufacturing and marketing of quality branded apparel products. Our affiliation with Hartmarx going forward will best enable us to achieve our sales and earnings growth objectives."
Hartmarx produces and markets business, casual and golf apparel under its own brands including Hart Schaffner & Marx, Hickey-Freeman, Palm Beach, Coppley, Cambridge, Keithmoor, Racquet Club, Pusser's of the West Indies, Royal, Brannoch, Riserva, Sansabelt, Barrie Pace and Hawksley & Wight.
In addition, the company has certain exclusive rights under licensing agreements to market selected products under a number of premier brands such as Austin Reed, Tommy Hilfiger, Kenneth Cole, Burberry's men's tailored clothing, Pringle of Scotland, Bobby Jones, Jack Nicklaus, Claiborne, Evan-Picone, Pierre Cardin, Perry Ellis, KM by Krizia, and Daniel Hechter.
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