Privately-held Randa Accessories has inked a deal to acquire 100% of US menswear brand Haggar Clothing Co.
The transaction, the terms of which were not disclosed, is expected to close within 45 days and will see Haggar remain in Dallas and managed by its current leadership team.
According to Randa, revenues for the combined companies will be greater than US$1bn this year.
Haggar created the first ready-to-wear, finished bottom, pre-cuffed pant in 1938, and in 1980 began production of sport coats, vests, and custom fit suits. Today, the company has more than 80 branded brick-and-mortar retail locations, a dedicated direct-to-consumer e-commerce platform, and its products are sold in over 10,000 stores throughout North America.
Haggar also owns Montreal-based Tribal, thought to be the largest women’s sportswear supplier to the specialty boutique market in North America, with over 2,400 active accounts.
“The acquisition of Haggar is an important waypoint on our strategic journey,” says Jeffrey Spiegel, CEO of Randa Accessories. “This acquisition allows Randa to bring its existing expertise to adjacent brands, channels of distribution, and product classifications.
“This transaction brings together two successful, financially strong, and complementary businesses to better serve our retail and brand partners, our associates, and our consumers. We believe that brands matter – and Haggar and Tribal are highly relevant brands in their respective markets.”
Randa produces belts, wallets, headwear, slippers, luggage, neckwear, jewellery, and other accessories under 50 brands, including Levi’s, Tommy Hilfiger, Columbia Sportswear, Dickies, and Kenneth Cole. Its products are distributed globally through more than 20,000 stores, and it employs over 4,000 people at 26 offices in ten countries.
“Randa is the ideal strategic partner for Haggar because of the combined strengths of our two companies,” adds Michael Stitt, Haggar CEO. “Jeff and his extraordinary leadership team add invaluable scale, resources, expertise, and marketing, in addition to retail partnerships. They align with our core values and high standards.”