Redcats USA, a subsidiary of French holding company PPR SA, has completed the sale of its misses’ division that includes Chadwick’s, Metrostyle and Closeout Catalog Outlet to Monomoy Capital Partners, a $280 million private equity fund in the U.S.
Terms of the transaction were not disclosed.
Monomoy on Monday named Chas Hepler as the chief executive officer of its new acquisition, renamed the Women’s Apparel Group. The fund also appointed David Myles as chief operating officer. Both were at SD Retail Consulting Inc., a firm specializing in direct retail.
Mitch Schaffer, managing director at the consumer banking division of Stifel Nicolaus, the lead adviser to Redcats, said the deal was a cash transaction. He also said there were both strategic and private equity buyers interested in the properties.
The misses’ division has an annual volume of over $300 million and includes both Web and catalogue operations.
Redcats said in January that it intended to sell the division following its acquisition of the United Retail Group, which includes almost 500 Avenue stores, to focus on plus-size apparel for men and women and on outdoor gear.
“Our customer base has remained extremely loyal in a difficult retail environment, and we can continue to build a great business here by engaging all of our employees and providing our customers with consistently superior service and products,” said Hepler.
According to Monomoy, the women’s apparel group targets women between the ages of 25 and 55.
@juicebeauty, where @gwynethpaltrow holds the title of creative director of makeup, has become one of the foremost labels in the organic beauty category –– with sales on track to hit $100 million this year. What’s behind the rapid growth the brand is experiencing right now? It all started in 2005 when the wellness movement was just getting started. Read more on WWD.com. #wwdbeauty
Stay up to do date with breaking news and trending stories with WWD’s “The Essentialist.” Our newsletter delivers the top news in fashion right to your inbox. Want more info? Link in bio. #wwdfashion (📷: @kukukuba)
"I want to tell a story that inspires people to feel good about themselves, but also I'm making a commentary about the lack of female stories and female directors and saying this should change," said @imheathergraham on her latest project "Half Magic." The comedy feature, which the actress wrote and directed, is based on her own struggles as a woman in show business. Read @andrewnodell's full interview with Graham on WWD.com. #wwdeye (📷: @jgreenery)
@meltcosmetics cofounders @lora_arellano and @danabomar built their brand on a single idea: a true matte lipstick. To set the brand apart, they said they always put their customers first –– including a personalized note in each package. #wwdsummits #wwdbeauty
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.