HONG KONG — Global Brands Group will pay an additional $4.2 million to acquire the operations of BCBG Max Azria Group LLC bringing the price tag to $27.4 million, a statement to the Hong Kong Stock Exchange said Tuesday. That is in addition to the $106 million Marquee Brands is paying for the intellectual property rights of the brand.
GBG initially valued the company business at $23 million but said it will “assume additional BCBG retail store leases and acquire the inventory associated with those stores.”
All necessary court approvals were completed by July 31, the company said.
GBG and Marquee first revealed their bid to acquire the business on June 9. Under the terms of the agreement, Marquee would own the intellectual property assets for $106 million, while Global Brands Group would own the operating assets of the brand, acting as licensee.
GBG, part of the Fung Group, manages licensing for several dozen brands including Under Armour, Kenneth Cole, Juicy Couture, in addition to owning brands like Frye and Spyder outright.
BCBG Max Azria Group — which includes its namesake label along with BCBGeneration and Hervé Léger — filed for Chapter 11 in February.