In line with Procter & Gamble’s new attitude toward beauty acquisitions, First Aid Beauty will operate as a wholly owned subsidiary.
The U.S.-based holding company and Italian investment firm Panda Srl now own a majority stake in P448.
The accessories firm is sending another letter to the Perry Ellis Special Committee Monday morning on why it has the better offer.
The responsibility to shareholders involves a common sense approach to balancing price and the ability to close the deal.
The transaction includes French underwear brands Eminence and Athena, and the Italian brand Liabel.
Executives polled by KPMG also cited disruptive technologies and cyber threats as challenges moving forward.
The Perry Ellis special committee said a $444 million offer from Randa was “highly conditional, nonbinding and insufficient in terms of value and certainty.”
Gordon Brothers Brands is aiming at Supreme’s backyard, but with a more inclusive consumer base at accessible price points.
Sources said the Randa proposal – a non-binding offer – wasn’t “sufficient” enough to warrant ending its agreement with the company’s founder.
The acquisition of Nine West and Bandolino brings ABG’s footwear and accessories business to more than $2 billion in global retail sales.