Joe’s Jeans Inc.’s acquisition of fellow premium denim brand Hudson Jeans for $97.6 million has been consummated.Completion of the final details stretched hours after the Monday deadline, sources told WWD, culminating in the signing of the final purchase agreement Tuesday afternoon, and were essentially identical to those reported by WWD last week. Confirmation of the purchase is expected to be released by Joe’s today.Joe’s acquired all the assets of Hudson Clothing Holdings Inc. for a combination of cash and $24.1 million in convertible notes from Peter Kim and Fireman Capital Partners. Kim will continue with Hudson as its chief executive officer and join the board of Joe’s. In addition to cash, the selling parties will receive notes that will bear interest at 10 percent a year, in Kim’s case, and 6.5 percent a year, in Fireman’s, and can be converted to up to 19.1 million shares of Joe’s stock beginning two years after the deal is concluded.Marc Crossman, ceo of Joe’s, declined to comment on reports of the deal’s completion. Both firms are based in City of Industry, Calif.When disclosed in July, the approximately $80 million in loan financing needed for the deal was expected to be provided by CIT Group and Goldman Sachs. However, Goldman dropped out during negotiations to structure the arrangement, with the second leg of financing ultimately provided by Garrison Loan Agency Services LLC.Hudson was founded by Kim in 2002 and carved out a niche for premium denim with a British accent. Reebok International founder and former ceo Paul Fireman formed Fireman Capital in 2008 and, with Webster Capital, acquired a controlling interest in Hudson the following year. It had reportedly sought an exit strategy for its investment since 2011, although Kim’s continued involvement with the brand had been expected in virtually all reports that circulated about a possible sale. Webster’s stake had been rolled into Fireman’s prior to the deal.The acquisition was disclosed by Joe’s on July 15 and was originally expected to close by Sept. 1. After failing to meet the Sept. 15 deadline established by the parties, a Sept. 30 deadline was set.
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Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
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Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)