NEW YORK CITY, May 7, 2019//?– – Randa?Accessories,?one of the world’s leading accessories companies, announced today that it has entered into a?definitive?agreement to acquire?100% of Haggar Clothing?Co. The transaction is expected to close?within?45?days.
Randa,?a privately-held company?founded in 1910, produces belts, wallets, headwear, slippers, luggage, neckwear,?jewelry,?and?other?accessories under 50 brands, including Levi’s,?Tommy Hilfiger,?Columbia Sportswear, Dickies, and Kenneth Cole. Randa distributes its products globally?through more than 20,000 stores and employs?over 4,000?associates?at?26?offices located in?10?countries.
Since its beginnings in a one-room office in?Dallas?in 1926, Haggar Clothing Co. has grown from a manufacturer of men’s fine dress pants and slacks into one of the most recognized apparel brands in the market.
Haggar also owns Montreal-based Tribal. Tribal was founded in 1971 and is the largest women’s sportswear supplier to the specialty boutique market in North America, with over 2,400 active accounts.
“The?acquisition?of Haggar?is an important waypoint on our strategic?journey,” said Jeffrey Spiegel, CEO of Randa Accessories. “Following our Moats, Boats & Bridges strategic roadmap, this acquisition allows Randa to bring its existing expertise to adjacent?brands, channels of distribution, and product classifications. This transaction brings together two successful, financially strong, and complementary businesses to better serve our retail and brand partners, our associates,?and our consumers.?We believe that brands matter?— and Haggar and Tribal are?highly?relevant brands in their respective markets.”
Randa?reports?that revenues?for the combined companies?will be?greater than $1 billion this year.
“Randa is the ideal strategic partner for Haggar because of the combined strengths of our two companies,” said Michael Stitt, Haggar CEO. “Jeff and his extraordinary leadership team add invaluable scale, resources, expertise, and marketing, in addition to retail partnerships. They align with our core values and high standards.”
In 1938,?Haggar?created the first ready-to-wear, finished bottom, pre-cuffed pant. During World War II, the company kept factories running 24 hours a day to supply over 10 million uniforms to the U.S. military. Haggar coined the word “slacks” to be worn during “slack time.”?By the end of the decade, Haggar had become the largest producer of slacks in the world.
In 1980 the company began production of sport coats, vests, and Haggar “Custom Fit” suits, which allowed customers to purchase jackets and pants separately, creating a new menswear category: “suit separates.”
Haggar has over 80 branded brick-and-mortar retail locations, a dedicated direct-to-consumer ecommerce platform,?and?its products are?sold in?over 10,000?stores throughout North America.
“Today, understanding and applying consumer data is an essential tool,”?Spiegel added. “The addition of Haggar’s retail stores and e-commerce business will supply us with invaluable insight into our consumers’ evolving expectations and path-to-purchase. This information will provide a powerful?and actionable?lens for our retail and brand partners, as well as our consumers.”
Haggar will remain?in?Dallas and?will be?managed by?Haggar’s?current leadership team. “This is a healthy company, led by a strong and respected team of talented professionals,” said Spiegel. “We intend to?provide this extraordinary company with additional resources to drive our mutual success.”
Randa is funding the acquisition through a combination of cash on hand and committed financing provided by Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A.
Randa produces men’s belts, small leather goods, neckwear, luggage, jewelry, and seasonal accessories including slippers, flip-flops, hats and gloves, bringing these to market through all channels of distribution,?worldwide.?As?a leading?global?accessories company, Randa uses its scale and expertise to create and expand powerful brands, produce exceptional products, and engage consumers in extraordinary shopping experiences. For more information visit?www.4xishi.icu.
ABOUT Haggar Clothing Co.
Since its beginnings in a one-room office in?Dallas?in 1926, Haggar Clothing Co. has grown from a manufacturer of men’s fine dress pants and slacks into one of the most recognized apparel brands in the market. Haggar coined the term “slacks” and has continued to lead menswear innovation and technology for over 90 years. In 2018, the brand received the inaugural REPREVE Champions of Sustainability award for using over 100 million recycled plastic bottles in its Life Khaki and E-CLO?Stria?& Premium Comfort Dress Pant lines. The brand is sold at numerous retailers, including Kohl’s, JCPenney, Macy’s, Target, and Belk, at Haggar Premium Outlet & Factory stores, and on www.Haggar.com.
For Randa Accessories:
David J. Katz, Executive Vice President & Chief Marketing Officer
SOURCE: Randa Accessories Leather Goods LLC