- Prachi Singh |
Differential Brands Group Inc. on completion of the acquisition of a significant portion of Global Brands Group Holding Limited’s North American licensing business for 1.2 million dollars, has decided to change its name to Centric Brands Inc. The company said in a statement that Jason Rabin, former president of GBG North America, will lead Centric Brands as Chief Executive Officer, while William Sweedler, Managing Partner of Tengram Capital Partners LP, will continue to serve as Chairman of the board of directors.
“I’m excited to have the opportunity to lead Centric Brands as we solidify our position in the market as a world class lifestyle brands collective. With the unmatched sourcing network of Li & Fung, industry expertise and a large-scale platform, we have the ability to expand organically through brand, category and channel growth, as well as the potential to add brands to our portfolio through new licenses and acquisitions across strategic verticals,” said Rabin in a statement.
Differential Brands Group is now Centric Brands
As a result of the transaction, Centric Brands is expected to generate more than 2.3 billion dollars in pro forma annual revenue with branded product distribution to a diversified base of consumers across all retail and digital channels. The new Centric Brands platform, the company said, will allow the company to seamlessly add new licenses and company-owned brands to its portfolio, leveraging its expertise and capabilities to design, produce, manage and market a broad array of products. The company will be headquartered in New York City with offices in Greensboro, Los Angeles, and Montreal.
“With the closing of the acquisition and structuring of the new Centric Brands platform, we have brought together best-in-class operating capabilities with a strong portfolio of brands across areas of core expertise including kids’ wear, women’s and men’s accessories and apparel. Centric Brands looks forward to building its relationship with Li & Fung and its global sourcing networks,” added Sweedler.
The Centric Brands board will be comprised of independent directors as well as Jason Rabin and appointees designated by Tengram and GSO Capital Partners LP.