Global Brands Group, owner of Juicy Couture, Kenneth Cole and Ellen Tracy, has completed the $1.2bn (£940m) sale of “select North American assets” to Hudson Jeans owner Differential Brands Group.
Both companies have announced significant changes following the sale. Global Brands CEO Bruce Rockowitz is stepping down, and Differential Brands Group is changing its name to Centric Brands.
Centric Brands has named Jason Rabin, former president of Global Brands Group North America, as its new chief executive.
Rockowitz will become non-executive vice-chairman of Global Brands.
Rick Darling has become CEO and executive director with immediate effect. Darling was the former president of Global Brands’ predecessor, LF USA, and was most recently an executive director of LF Americas, the wholesale and distribution arm of Li & Fung.
He will now lead Global Brands through the transitional period following the sale.
“Today represents a new chapter for Global Brands,” Darling said. “Coming out of this deal, we now have a very strong balance sheet and robust cashflow. We have emerged a more agile and focused company with great brands in our men’s and women’s apparel and footwear platforms to which we will be adding more brands in the future.”