NEW YORK, Oct. 21, 2020 /PRNewswire/ — Bluestar Alliance LLC announced today that they have won the «stalking horse» position for popular tween fashion brand Justice, currently owned by Tween Brands Inc., which is part of the Ascena Retail Group. Bluestar’s bid which is valued in excess of $60 million consists of $44 million in cash and includes the intellectual property and related assets as well as assumption of certain liabilities.
«We offered a bid that we believe speaks to the strong existing connection consumers have to the Justice brand and its future potential,» stated Joey Gabbay, CEO of Bluestar Alliance. «We look forward to maximizing the business with both current and new partners, as well as growing the brand to enhance and expand its current footprint.»
Bluestar believes that the Justice brand will sit perfectly within its existing brand portfolio. «We have had significant success in the teen, tween & children’s markets, and believe the Justice brand will benefit from our existing relationships and sizeable market-share,» said Ralph Gindi, COO of Bluestar Alliance.
Bluestar plans to focus and capitalize on the strong brand recognition of Justice both domestically & internationally as it connects with its core customer around the world.
ABOUT BLUESTAR ALLIANCE:
Bluestar Alliance, founded in 2006 by Joseph Gabbay and Ralph Gindi, owns, manages, and markets a portfolio of consumer brands including Hurley, bebe, Tahari, Brookstone, Kensie, Limited Too, Nanette Lepore, Catherine Malandrino and others that span across many tiers of distribution. Bluestar Alliance specializes in developing and marketing consumer brand companies through extensive relationships with leading retailers, brand licensing manufacturers and a network of media and strategic partners. Bluestar Alliance’s current international and domestic partners offer the opportunity to take a niche brand to a visible worldwide lifestyle brand. Bluestar’s retail footprint includes over 250 stores, shop in shops, and distributors in North America, Europe, South America, Japan, China, Korea, Australia, the Middle East, UAE, Kuwait, Egypt, Saudi Arabia, Lebanon, and many more. Since its inception, the company has acquired select brands with retail sales expected to exceed $3.0 billion in 2019.
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SOURCE Bluestar Alliance LLC