Joe's Jeans to acquire Hudson Jeans

US lifestyle brand Joe's Jeans has agreed to buy rival denim brand Hudson Jeans for 97.6 million US dollars, as it looks to increase its international and e-commerce growth. Under the agreement, Joe's Jeans and Hudson Jeans will retain their

existing employees and facilities, to preserve the “DNA of each existing company”, while Peter Kim, who founded Hudson Jeans in 2002, will remain Chief Executive Officer of Hudson and will join the Joe's Jeans board of directors.

Commenting on the acquisition, Joe's Jeans' president and CEO Marc Crossman said: “We are extremely excited about joining forces with Hudson Jeans. Once the acquisition is complete, we expect to nearly double the size of our business, meaningfully increase our international and e-commerce penetration, and enhance our overall prospects for growth.”

Joe’s Jeans buys rival Hudson Jeans for 97.6 million US dollars

Crossman continued: “This deal represents a landmark event in the history of our company and we are committed to capitalizing on the many opportunities this transformative transaction will create in the marketplace.”

Kim added: “We are thrilled at the prospect of joining a highly respected team of people that has created an incredible business. To be able to collaborate with Joe's Jeans to create one of the largest premium denim companies in the world is a phenomenal opportunity for us all. We look forward to benefiting from each other’s strengths and to entering a new chapter of growth.”

The deal will also help both denim brands cut costs, with Crossman stating that savings will be possible across “all three components of making a jean, from fabric, trim to labour”, which will allow both brands to “drive top line sales”.

The transaction, which is subject to certain contingencies and subject to the satisfaction of customary closing conditions, is expected to close by August 31.

Image: Joe’s Jeans