US' WHP Global to acquire global denim brand G-Star RAW

Under the terms of the agreement, the existing G-Star shareholders, including founder Jos van Tilburg, will retain a stake in the brand. The current leadership team of G-Star RAW, led by CEO Rob Schilder, will continue to operate the brand's marketing and product development functions as well as the wholesale, retail and e-commerce distribution out of the Amsterdam headquarters, the company said in a press release.

Including G-Star RAW, WHP Global's portfolio of brands generates over $7 billion in retail sales, further growing the company into one of the largest brand management firms in the world.

"In WHP Global, we experience the right strategic and financial partner for further global and sustainable growth in the decades to come, while staying true to our signature product, our dedicated teams, and our loyal business partners,” Jos van Tilburg said.

"G-Star RAW is a strong digital denim fashion brand with an exceptional team that we believe is primed for accelerated growth. We are thrilled to partner with founder Jos van Tilburg and CEO Rob Schilder," said WHP Global chairman and CEO Yehuda Shmidman.

"Over the past few years, G-Star has successfully transitioned towards an online first company. We look forward to working closely with WHP Global in this partnership, as we harness their expertise to expedite G-Star's global expansion, by strengthening our presence in the US and tapping into new geographies as well as new product categories," added Rob Schilder, CEO of G-Star.

The transaction is expected to close in Q4 2023, subject to customary closing conditions including works council procedure. Financial terms of the transaction are not being disclosed.

Fibre2Fashion News Desk (RR)