NEW YORK, May 7, 2019,/CNW/ — Randa Accessories, one of the global’s leading add-ons agencies, introduced that it has entered into a definitive agreement to acquire one hundred% of Haggar Clothing Co. The transaction is expected to shut within 45 days.
Randa, a privately-held corporation founded in 1910, produces belts, wallets, headwear, slippers, baggage, neckwear, jewelry, and other add-ons under 50 brands, including Levi’s, Tommy Hilfiger, Columbia Sportswear, Dickies, and Kenneth Cole. Randa distributes its products globally thru extra than 20,000 shops and employs over four,000 associates at 26 places of work placed in 10 international locations.
Since its beginnings in a one-room workplace in Dallas in 1926, Haggar Clothing Co. Has grown from a manufacturer of fellows’ first-rate dress pants and slacks into one of the most recognized clothing manufacturers in the market.
Haggar additionally owns Montreal -primarily based Tribal. Tribal was based in 1971 and is the most important ladies’ sports clothing supplier to the specialty boutique marketplace in North America, with over 2,400 energetic money owed.
“The acquisition of Haggar is a critical waypoint on our strategic adventure,” stated Jeffrey Spiegel, CEO of Randa Accessories. “Following our Moats, Boats & Bridges strategic roadmap, this acquisition lets Randa deliver its current expertise to adjoining brands, channels of distribution, and product classifications. This transaction brings collectively two a hit, financially sturdy, and complementary agencies to better serve our retail and brand partners, our buddies, and our clients. We agree that brands depend — and Haggar and Tribal are highly relevant manufacturers of their respective markets.”
Randa reports that sales for the blended organizations will be extra than $1 billion this yr.
“Randa is an appropriate strategic associate for Haggar because of the blended strengths of our companies,” said Michael Stitt, Haggar CEO. “Jeff and his top-notch management group add helpful scale, sources, know-how, and advertising, similarly to retail partnerships. They align with our middle values and high requirements.”
In 1938, Haggar created the first equipped-to-put-on, completed bottom, pre-cuffed pants. During World War II, the company stored factories strolling 24 hours a day to supply over 10 million uniforms to the U.S. Navy. Haggar coined the word “slacks” to be worn for the duration of “slack time.” By the give up of the last decade, Haggar had become the most important producer of slacks in the world.
In 1980 the organization started manufacturing recreation coats, vests, and Haggar “Custom Fit” suits, which allowed customers to buy jackets and pants one by one, developing a brand new menswear class: “suit separates.”
Haggar has over 80 branded brick-and-mortar retail locations, a devoted direct-to-client e-commerce platform, and its merchandise is bought in over 10,000 shops at some point in North America.
“Today, know-how and applying patron information is a vital device,” Spiegel brought. “The addition of Haggar’s retail stores and e-commerce enterprise will supply us with precious insight into our clients’ evolving expectancies and path-to-purchase. These records will offer an effective and actionable lens for our retail and emblem partners, as well as our consumers.”
Haggar will remain in Dallas and will be controlled by Haggar’s cutting-edge management team. “This is a wholesome business enterprise, led through a robust and revered group of talented professionals,” said Spiegel. “We intend to provide this splendid organization with additional sources to power our mutual achievement.”
Randa is funding the purchase through an aggregate of coins on hand and dedicated financing furnished by Wells Fargo Bank, National Association, and JPMorgan Chase Bank, N.A.