WHP Global forms new retail operating platform to acquire Express

A conglomerate of firms, including fashion retail group WHP Global, have come together to form a new retail operating platform that has gained approval to acquire the majority of Express, Inc. operations.

WHP, in collaboration with Brookfield Properties, an affiliate of Simon Property Group, and Centennial Real Estate, has established ‘Phoenix’, described by the trio as a “financial revitalised DTC retail platform”.

The group confirmed that the newly formed firm will operate all DTC commerce in the US for the Express and Bonobos brands, with the mission of setting the stage for long-term growth once the deal has passed customary closing conditions. This process is currently expected to close within the coming week.

With this, Phoenix has set out to strengthen the core operations of the two labels, with the company confirming that its acquisition would ensure the “continuity of over 450 physical stores, e-commerce operations and the preservation of nearly 7,000 jobs across the country”.

In a release, chairman and CEO of WHP, Yehuda Shmidan, said that the formation of Phoenix marked a “vital step” in its strategy to save Express.

Elaborating on Express’ ongoing bankruptcy proceedings, which began earlier this year, Shmidman, said: “With the restructuring actions accomplished during the Chapter 11 process, we believe Express is now well-positioned for a powerful path forward, benefiting all stakeholders, including our valued vendor partners, licensees, landlords and dedicated team."