Dive Brief:
Ralph Lauren on Thursday announced the sale of its Club Monaco brand to private equity firm Regent for an undisclosed amount, a deal expected to close by the end of June.
The apparel company acquired the upscale apparel brand in 1999 in a cash transaction with an equity value of about $52 million; Polo Ralph Lauren also paid in full some $35 million in Club Monaco Inc. debt, according to a filing with the Securities and Exchange Commission.
As part of its turnaround strategy meant to sharpen its focus, Ralph Lauren has been weighing its options for Club Monaco. The sale to Regent, (along with last year’s decision to turn its lower-priced Chaps brand into a licensed business) “concludes this portfolio evaluation,” the company said.
Source: Retaildive
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