ABG Wins Bid for Nine West Holdings
June 12, 2018
White Plains, N.Y.-based women’s apparel brand Nine West Holdings Inc.—which includes brands Nine West, Anne Klein, and Gloria Vanderbilt—has announced its successful sale to Authentic Brands Group (ABG) following an auction conducted as part of the Nine West’s bankruptcy filing. The $340 million bid remains subject to approval by the Bankruptcy Court as well as certain customary closing conditions indicated in Nine West’s purchase agreement with ABG. The sale is slated for completion in July 2018.
“Authentic Brands Group is an industry leader and we are pleased that they will bring the dedicated expertise and resources to manage the next stage in the life of two strong brands,” says Ralph Schipani, Nine West Holdings CEO. “We are pleased to have completed this important step in our restructuring and are now focused on moving forward with the reorganization of our remaining businesses with the support of our key stakeholder groups.”
“This was a highly competitive bidding process, which is a testament to the strength of these brands and we are thrilled that the outcome had ABG taking ownership of Nine West and Bandolino,” says Jamie Salter, chairman and CEO of ABG. “The addition of these two brands enhances ABG’s growing lifestyle portfolio, while launching our global footwear platform. We see incredible opportunity to expand the brands beyond footwear and handbags, specifically in the apparel and home categories as well as in new markets around the world.”