Sycamore Partners Bets Big on Specialty Apparel with $3bn KnitWell Group

Sycamore Partners announced on the launch of Knitwell Group, a new holding company comprising apparel brands Ann Taylor, Loft, and Talbots.

The three brands generate more than $3bn in yearly sales and employ over 30,000 people.

KnitWell will also continue to provide oversight and shared services to Lane Bryant, a plus-size women’s apparel brand, according to the New York-based investment business, making Knitwell one of the largest speciality garment companies in the United States.

Lizanne Kindler, currently the CEO of Talbots, will serve as the executive chair and CEO of KnitWell Group. According to a Sycamore press release, she is accompanied in the executive chair’s office by a team of retail executives and is further assisted by top leaders at each of the brands.

“KnitWell is a collection of powerful brands that, in aggregate, have been providing customers with the fashions they want for nearly 300 years,” said Kindler.

“Brands are propelled by a deep and meaningful connection with the customers they serve, and that is where we start and end each day. With that as our North Star, we know that this new structure will support our efforts to unite brands and people by providing greater resources and capabilities, economies of scale, and enhanced value. We are excited about the opportunities ahead and grateful for our more than 30,000 associates for being part of this next chapter.”

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Premium Apparel, a division of private equity company Sycamore Partners, paid $540m to Ascena Retail Group for the clothing brands Ann Taylor, Lane Bryant, Lou & Grey, and Loft. At the time of the takeover, Sycamore already owned Talbots.

“Lizanne and the team have done an incredible job over the last decade reviving and growing these iconic American brands, first Talbots and most recently Ann Taylor and Loft,”
said ​Stefan Kaluzny, managing director of Sycamore Partners.

“The consistent and focused approach, which  leverages the replicable playbook this team has developed, is laying the foundation of success not only for the brands currently part of the KnitWell portfolio, but also for potential future brands. We look forward to our continued partnership with Lizanne and the entire team.”

Source: FashionNetwork

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