In a deal valued at $1 billion priced at $7.60 per share, private equity firm Sycamore Partners just acquired special fashion retailer Chico’s FAS, including the flagship Chico’s brand along with White House Black Market and Soma intimates.
The Chico’s brands will be merged under Sycamore’s recently formed Knitwell Group that includes the Ann Taylor and Loft specialty fashion chains acquired in 2020 from Ascena and Talbots, which was acquired in 2012. Knitwell also provides support and shared services to Lane Bryant, specializing in plus-sized fashion. Sycamore also owns Belk, The Limited and Torrid. A request for comment from Sycamore went unanswered.
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Lizanne Kindler, executive chair and CEO of Knitwell, said in a statement, “Knitwell is a best-in-class operating enterprise in the world of vertical specialty retail, comprising some of America’s most iconic brands, committed to instilling confidence in the women they serve.”
Source: Forbes
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