US denim chain Joe’s Jeans is set to acquire privately-held premium label Hudson for $97.6 million (£64.7m) .
Marc Crossman, president and chief executive of Joe’s Jeans, said: “Once the acquisition is complete, we expect to nearly double the size of our business, meaningfully increase our international and e-commerce penetration, and enhance our overall prospects for growth.”
He added: “Paramount to the combination is preserving the DNA of each existing company by retaining its employees and separate facilities.”
Peter Kim, founder of Hudson, will remain chief executive of the brand and will become a member of the Joe’s Jeans board.
Kim said: “To be able to collaborate with Joe’s Jeans to create one of the largest premium denim companies in the world is a phenomenal opportunity for us all. We look forward to benefiting from each other’s strengths and to entering a new chapter of growth.”
Private equity firm Fireman Capital is the seller on the transaction.