Kinbow acquires majority stake in Ashley Stewart

Kinbow LLC, an affiliate of RA Capital, a group company owned by Ram Ajjarap, has acquired a majority stake in Ashley Stewart, Inc. from ASI Holdco, LLC, the parent company of plus-size fashion retailer Ashley Stewart, for an undisclosed amount.

The strategic acquisition aims to further strengthen Kinbow’s growing position in the value fashion retail market, explained the company.

Ashley Stewart specialises in apparel, intimates, and accessories for women in US sizes 10 to 36 and currently operates 75 stores across the US and its own e-commerce platform.

Kinbow said it plans to continue to operate all of Ashley Stewart’s brick-and-mortar stores and e-commerce business “in their current form,” as well as keep Ashley Stewart’s management team in place.

Commenting on the acquisition, Ram Ajjarapu, executive director of Kinbow, said: “We are very excited about the opportunity to acquire this iconic retailer and grateful for all of the support we have received from all of Ashley Stewart’s stakeholders, especially our lender, Wingspire Capital, who worked closely with us to consummate this transaction.

“This acquisition demonstrates our belief in the value fashion market and marks a strategic expansion of Kinbow into the retail business. As an accomplished apparel and accessories manufacturer with proven experience in developing stylish inclusive size styles, we expect to continue the heritage of the Ashley Stewart brand and look for opportunities to expand the on-trend fashion offerings the company’s loyal customers have come to expect.”