Oxford Industries, Inc. has completed the acquisition of Johnny Was, a California-based affordable luxury, bohemian lifestyle apparel brand, for 270 million dollars.
Oxford is also increasing its guidance for the third quarter and full year of fiscal 2022.
“Rob Trauber and the team at Johnny Was have done a spectacular job of leveraging its brand point of view and exceptional, differentiated product to build Johnny Was into a powerful, omnichannel brand with an incredibly loyal customer following,” said Tom Chubb, chairman and CEO of Oxford Industries.
Oxford acquires Johnny Was
“The addition of the Johnny Was brand to the Oxford portfolio further diversifies our business across fashion points of view, price points, seasons and geographies,” added Chubb.
Founded in 1987 and headquartered in Los Angeles, CA, Johnny Was offers a broad line of women’s apparel, accessories and home goods. Its products are available via ecommerce, in 61 stores across 24 states and in a broad array of wholesale accounts.
Commenting on the development, Rob Trauber, CEO of Johnny Was, said: “We believe Oxford is the perfect home for Johnny Was as our missions are aligned and they have a proven track record of successfully partnering with brand leadership to optimise investment, performance, and long term brand management to fuel growth.”
Oxford raises Q3 and full year outlook
Third quarter sales are now expected to be 295 million dollars to 310 million dollars, with adjusted EPS of 1.10 dollars to 1.30 dollars.
The company said, approximately 2/3 of the EPS guidance increase is driven by the anticipated results of Johnny Was, with a slightly higher proportion of the sales increase driven by the Johnny Was acquisition.
The remainder of the guidance increase is due to strong quarter-to-date performance in full-price direct-to-consumer channels and successful Lilly Pulitzer e-commerce flash sale.
For the full year, the company expects sales of 1.375 billion dollars to 1.405 billion dollars, with adjusted EPS of 10.25 dollars and 10.60 dollars.