Centric Brands and WHP Global have signed a definitive agreement and received court approval to purchase the Joe’s Jeans brand, which will be subject to customary closing conditions.
As part of the agreement, WHP will own the worldwide intellectual property in all global territories other than China, whilee Centric will continue to operate Joe’s Jeans under a long-term exclusive license for their core categories and geographies across retail, wholesale, and e-commerce channels.
Founded in 2001, Joe’s Jeans is described as having redefined premium denim with its inherently LA sensibility and distinctive point-of-view. With an emphasis on incorporating technology into design, the brand creates product for men, women and kids. It offers denim, apparel, and accessories and is available at premium department stores in the United States, at speciality boutiques globally, ten standalone stores, and at the digital flagship www.joesjeans.com.
“We have significantly invested in Joe’s Jeans throughout our years of operation and have established the brand as one of the leading premium denim resources,” says Jason Rabin, CEO of Centric Brands. “Celebrating its twentieth year, we look forward to partnering with WHP Global to further develop the brand and new avenues to grow the business.”
Centric Brands is a global lifestyle brand collective that designs, sources, markets, and sells high-quality products in the kids, men’s and women’s apparel, accessories, beauty, and entertainment categories. The company’s portfolio includes over 100 owned and licensed iconic brands. It acquired the Zac Posen brand and licenses last year.
WHP Global, meanwhile, is a New York-based brand acquisition and management firm backed by equity capital from funds managed by Oaktree Capital Management, LP and leverage financing provided by BlackRock.
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CEO Yehuda Shmidman adds: “The acquisition of Joe’s Jeans in partnership with Centric is a win for WHP Global as it expands our growing fashion vertical which already includes Anne Klein and Joeseph Abboud. Together with Centric, we will look to build upon the core business and expand around the world to new geographies.”