Brand Matter, a subsidiary of the financially struggling Sequential Brands Group, has sold the Ellen Tracy and Caribbean Joe brands to GMA Group for a total of $20 million. According to the SEC filing, Sequential already has used the bulk of the proceeds to make a $19.6 million payment on its Bank of America revolver loan.
Ellen Tracy, founded by Herb Gallen in 1949, offers a full line of women’s products, including apparel, accessories, jewelry, optical, outerwear and bedding. The company’s purchase price made up $17 million of the $20 million price tag paid by GMA Group.
“Ellen Tracy is well known in the women’s fashion industry and is an excellent addition to our portfolio,” said George Altirs, President and CEO of GMA Group, according to License Global. “We look forward to working with our partners to expand the distribution globally.”
Caribbean Joe Island Supply Co.’s product lines encompass men’s, women’s and children’s sportswear, swimwear, accessories and even fragrances.
“Since its relaunch in 2019, we’ve had our eye on Caribbean Joe,” said Altirs. “Caribbean Joe now offers an extended list of product categories and we will work with our partners to expand the offerings and distribution in the coming years.”