US: Sub-Urban plans Starr buy
Multi-brand apparel firm Sub-Urban Brands has signed a non-binding letter of intent to acquire premium fashion denim firm Reo Starr.
The planned acquisition will strengthen Sub-Urban's multi-brand strategy of targeting national and global boutique retailers and developing new revenue streams.
"We're immensely excited to have reached this letter of intent and to launch the next phase of our brand diversification into the premium denim market, the fashion industry's hottest segment," said Joseph Shortal, CEO of Sub-Urban.
"The market for premium-denim has more than doubled in the past few years, as has been demonstrated by the success of such fashion companies as True Religion Brand Jeans and 7 for All Mankind."
Reo Starr is sold through a number of Los Angeles retailers as well as Tokyo's Isetan Department Store.
The acquisition is subject to further negotiations plus completion of due diligence investigations.
Sub-Urban recently announced a move to bigger corporate headquarters and distribution facilities as it looks to grow distribution in Japan, Canada, Australia and 25 European markets.
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