The combined company, comprising two distinct, family-founded brands, is expected to generate approximately $2 billion in annual revenue and deliver an expanded and diversified product portfolio of apparel and accessories globally.

"This transaction is an important milestone in the history of both brands as we continue the next chapter of our growth as a premier global sport and lifestyle company," said Christopher H. Koch, Chief Executive Officer of New Era. "We look forward to leveraging the complementary talent of our combined teams to continue strengthening our customer relationships and licensing partnerships, enhancing our premier products and delivering premium experiences to fans and consumers around the globe."

The New Era and '47 brands will continue to operate separate e-commerce websites and serve consumers independently from each company's respective headquarters in Buffalo, New York, and Westwood, Massachusetts. The combined company will be led by Christopher H. Koch, Chief Executive Officer of New Era, and the current New Era and '47 management teams.

Note: The content of this press release has not been edited by Fibre2Fashion staff.

Fibre2Fashion News Desk (RM)