NEW YORK — Retail Brand Alliance is selling its Casual Corner Group Inc. business to Gordon Brothers Group.
Claudio Del Vecchio, president and chief executive officer of RBA, said the deal is expected to close today. Del Vecchio would not confirm the purchase price, which is said to be nearly $250 million, according to market sources. The sale includes leases for more than 1,000 retail sites, which are currently used for the nameplates Casual Corner and Petite Sophisticate.
Executives for Gordon Brothers declined comment.
Gilbert Harrison, chairman of Financo Inc., which represented RBA in the sale, said, “The primary motivation for Claudio in deciding to [sell] Casual Corner is so that he could focus on Brooks Brothers.”
Del Vecchio added, “The long-term project is for us to spend more time and money on Brooks Brothers.”
RBA was established in 2001 as a holding company, and one of its early purchases was acquiring Brooks Brothers from Marks & Spencer. Other brands under the RBA portfolio are Adrienne Vittadini and Carolee Designs.
Del Vecchio doesn’t rule out selling either Vittadini or Carolee if the offer is right. Meanwhile, Vittadini, which is a bridge line, is set to roll out a better collection today called AV by Adrienne Vittadini. The new line will be sold at all 30 Vittadini stores.