Apparel interlinings manufacturer Chargeurs Fashion Technologies has signed a deal to acquire the interlinings business of Precision Custom Coatings for $66 million, a move that will help the French firm expand into other categories.
Chargeurs is known for its core apparel interlinings business in the luxury, ready-to-wear and fast-fashion sectors. Some of the apparel firms it works with include Chanel, Gucci, Hermès, Uniqlo, Giorgio Armani, Brunello Cucinelli and Inditex. The deal to acquire PCC’s interlinings business will allow Chargeurs to enter the technical performance wear categories that PCC specializes in. Those categories include outerwear, performance apparel and ath-leisure and intimate apparel.
Chargeurs Group, a publicly traded firm in France, has four operating groups, including the fashion technologies division, which is based in New York with offices on Seventh Avenue. The deal is subject to customary closing conditions. Precision Custom Coatings is a privately held company based in Totowa, N.J. Chargeurs said it expects to complete the transaction by the end of 2018.
Angela Chan, managing director and president of the fashion technologies operation, will lead the company’s worldwide expansion. Chan has been a designer and has worked in many facets of the apparel sector, gaining expertise in sourcing, business and product development, merchandising and retail in North America and Asia. Precision Custom Coatings’s chief executive officer Scott Tesser will join the Chargeurs as chief sales officer and report directly to Chan. He will have oversight for the company’s global sales strategy.
Michaël Fribourg, chairman and ceo of Chargeurs Group, said, “Angela Chan is very well prepared to lead the successful integration of the two companies, and this transformative agreement will create a global champion with operations across Europe, the Americas and Asia.”
Chan said Chargeurs owns several factories around the world in countries such as France, Ethiopia, Sri Lanka, China, Argentina and Brazil. Chargeurs has showrooms in Paris, New York and Milan. Chargeurs’ U.S. business was primarily in the area of nominations, with brands such as Banana Republic working with Chargeurs on the type of interlinings to be constructed for a program and having the brand suggest to the manufacturer that the Chargeurs interlining be used, according to Chan. Precision Custom Coatings’ customers are U.S.-based, and the deal would give Chargeurs a foothold into the U.S. market, Chan said.
Precision Custom Coatings has annual revenues of more than $75 million, employing 300 people in 10 countries. The Chargeurs Fashion Technologies division has revenues of $150 million. It employs 800 people globally.