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Guess, WHP Global acquire New York fashion brand Rag & Bone

Fashion firm Guess and global brand management firm WHP Global have inked a definitive agreement to acquire New York-based fashion brand Rag & Bone.

SEE ALSO: Asia boosts Guess’ international business with 19 percent sales uptick

Under the terms of the agreement, Guess will acquire all the Rag & Bone operating assets, with Guess and WHP Global to jointly own Rag & Bone’s intellectual property.

Financial terms of the deal were not disclosed.

The American fashion brand will continue to be based in New York City, and will operate as an independent fashion brand as part of the Guess portfolio.

“We are excited to add an iconic brand such as Rag & Bone to Guess, further diversifying our portfolio with complementary customer bases and price points,” said Carlos Alberini, Guess chief executive officer.

“We look forward to partnering with WHP Global to build on rag & bone’s heritage. Guess has an incredible platform with a strong global distribution network and outstanding licensee partners that will enable us to power the growth and expansion of the rag & bone business. We expect the transaction to deliver earnings per share accretion in the first year and strong value creation for our shareholders for years to come.”

Founded in 2002, Rag & Bone makes clothing for both men and women that blends traditional craftsmanship with modern cultural references with an understated New York aesthetic and a strong expertise in denim.

Today, the brand directly operates 34 stores in the U.S. and approximately 15 stores in the Asia-Pacific region, and is also available in high-end boutiques, department stores and through e-commerce globally.

“I am thrilled about this new relationship with Guess and WHP Global,” said Andrew Rosen, chairman of the board at Rag & Bone.

“Today marks the beginning of an exciting new chapter as rag & bone joins forces with a much larger international fashion company. It’s a great opportunity for our team to take the brand to the next level, blending our unique styles and respective expertise to create new possibilities for rag & bone on a global scale.”

In 2023, Rag & Bone generated annual revenue of approximately USD 250 million and adjusted EBITDA of USD 18 million.