Hartmarx to Acquire Exclusively Misook for $30 Million

Share this article:
Hartmarx Corp., Chicago, said yesterday that it will buy Exclusively Misook Inc., a designer and marketer of upscale women's products, for $30 million.


The transaction will be in cash and is subject to post-closing adjustments, and additional money may be paid if specified earnings levels are achieved over a five-year period. Hartmarx sells its clothes in department stores and specialty stores as well as through a catalog.


Hartmarx president/CEO Homi B. Patel said that Misook is expected to contribute $35 million in sales and that Hartmarx's annualized women's segments revenues will exceed $100 million.


"The brand also has an exceptionally loyal following among its core consumers and we see significant long-term opportunities for high-quality line extensions, licensing and international sales," Patel said in a statement.


Misook Doolittle, Misook's founder and designer, has agreed to stay on as president under a five-year agreement. Patel also said Misook will continue to operate as a separate operating unit of Hartmarx. The deal is expected to close in July.


Hartmarx produces and markets business, casual and golf apparel under its own brands, including Hart Schaffner Marx, Hickey-Freeman, Palm Beach, Coppley, Cambridge, Keithmoor, Racquet Club, Naturalife, Pusser's of the West Indies, Royal, Brannoch, Riserva, Sansabelt, Barrie Pace and Hawksley & Wight.


Kurt Salmon Associates Capital Advisors Inc. acted as Misook's financial adviser in the transaction.


Share this article:
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Generating Loyalty for Brands and Retailers in an Omnichannel World

Generating Loyalty for Brands and Retailers in an ...

Harnessing personas, loyalty programs, and new technologies can help marketers better connect with customers.

News Byte: Salesforce Forms Unit to Focus on Verticals

News Byte: Salesforce Forms Unit to Focus on ...

The industries business unit, led by ex-White House CIO Vivek Kundra, will serve six industry groupings.

Columbia U. Puts the "Do" in "Donation"

Columbia U. Puts the "Do" in "Donation"

Columbia University raises nearly $7 million in donations in just 24 hours with a combination of social media, live events, and gamification.