Guess Inc. Acquires Rag & Bone After 43 Years, Marking Major Fashion Industry Move
Guess Inc. has made its first acquisition in 43 years, purchasing Rag & Bone for over $57 million. The deal, closed in April 2023, sees Guess now owning all of Rag & Bone's operating assets, while Guess and WHP Global jointly own its intellectual property.
Rag & Bone, which operates independently, brings over 50 retail stores and an e-commerce site to Guess. Andrew Rosen, who co-founded Theory in 1997 and has invested in brands like Alice + Olivia and Veronica Beard, will oversee Rag & Bone's executive team as its executive chairman. Rosen will work closely with Guess' co-founder and chief creative officer Paul Marciano, CEO Carlos Alberini, and WHP Global Chairman and CEO Yehuda Shmidman. Marcus Wainwright, Rag & Bone's co-founder, stepped down as chief brand officer in July 2023.
Guess' acquisition of Rag & Bone marks a significant move in the fashion industry. With Rosen's extensive experience and Guess' established presence, the future of Rag & Bone looks promising under its new ownership.
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