US: KSL Ventures takes over Triumph Apparel
KSL Ventures has acquired a controlling interest in troubled dance and active wear company Triumph Apparel, owner of the Danskin brand.
Triumph said KSL had acquired a 55% equity and voting stake in the company in connection with the recapitalisation of the business.
The news comes after Triumph announced the loss of 226 jobs and closure of two plants in February.
KSL, added Triumph, will now provide "enhanced" sourcing, manufacturing, distribution and marketing opportunities for Danskin, which is licensed from an affiliate of Iconix.
KSL will also take over the management of all future operations of Triumph, aiming to return the company to profitability.
Triumph added that Carol Hochman had agreed to continue her association with the company, taking the post of CEO of its Triumph Marketing subsidiary - which will focus on product development and expansion of the company's brands.
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