Today MR Magazine reported that Brooks Brothers has finalized its sale for $325 million to Authentic Brands Group and SPARC Group.
The menswear trade publication writes (emphasis added):
Through the transaction, SPARC, the dedicated operating company for ABG-owned brands including Aéropostale, Nautica, and Lucky Brand, assumes the role of core licensee for Brooks Brothers.
SPARC will manage the entirety of Brooks Brothers’ operations, including retail, wholesale, and e-commerce.
ABG has purchased the intellectual property and will oversee all licensing partnerships, new business, and brand development.
Brand marketing, which will focus on adapting Brooks Brothers for a new generation through enhanced creative, engaging with, and growing its following online and launching a fresh slate of collaborations, will be shared by ABG and SPARC.
“We are thrilled to bring this world-class brand into the fold,” said Jamie Salter, founder, chairman, and CEO of ABG. “Brooks Brothers comes at an important time in ABG’s development as we are placing a significant emphasis on growing our retail and e-commerce footprint. We see a great opportunity to strategically expand this powerhouse brand across the globe.”
“Brooks Brothers’ new structure is another example of how ABG and SPARC are innovating the traditional brand model,” added Marc Miller, CEO of SPARC. “Our strategic partnership will allow us to leverage the tremendous equity of this quintessential American brand through key partnerships, dynamic marketing, and cutting-edge product design.”
Young fogeys and old relics here would politely point out that “adapting Brooks Brothers for a new generation” may have been part of the problem up until now, not to mention expanding the brand across the globe.