The acquisition will be merged into Centric’s growing accessories division led by Jarrod Kahn, group president, accessories. The addition of Daytona’s hosiery business expands Centric’s retailer relationships and its private label and licensed businesses. The acquisition also adds diversity and scale to Centric’s portfolio with new untapped brands, strong recurring year-round replenishment businesses, and an expanded diversified sourcing model. As part of the transaction, Centric will assume new license agreements including Stanley, Free Country, Real Tree, and Umbro. In addition, a number of associates from the hosiery team at Daytona will join Centric and report to Abe Dweck, executive vice president, accessories.
“The strategic growth of Centric is fuelled by our expertise in product, operations, and relationships. Acquisitions that assist in accelerating growth are very attractive to us. Our scale and competitive edge in the accessories marketplace benefits from this transaction. We welcome our new team members and look forward to continuing to deliver best-in-class product and service to our customers,” Jason Rabin, chief executive officer of Centric Brands, said in a statement.
Fibre2Fashion News Desk (GK)