Private equity firm Sycamore Partners has completed its acquisition of Chico’s FAS in an all-cash transaction valued at $1 billion. The Chico’s, White House Black Market and Soma brands will now join the KnitWell Group, a holding company Sycamore Partners created for the Ann Taylor, Loft and Talbots brands in September 2023. With the addition of the Chico’s brands, KnitWell generates approximately $6 billion in annual sales.
“KnitWell is a best-in-class operating enterprise in the world of vertical specialty retail,” said Lizanne Kindler, Executive Chair and CEO of KnitWell Group in a statement. “Chico’s, White House Black Market and Soma fit perfectly into the portfolio as established and inspiring brands that generate sustainable, high-quality results. We are thrilled to welcome these brands, their more than 14,000 associates and their customers to the KnitWell family.”
“Joining the Sycamore portfolio of leading retail brands marks an important milestone for Chico’s FAS and continues our journey as a customer-led, product-obsessed, digital-first and operationally excellent company,” said Molly Langenstein, CEO and President of Chico’s FAS in a statement. “Sycamore and Chico’s FAS both share a commitment to providing solutions, building communities and creating memorable experience to bring women confidence and joy.”
With the completion of the transaction, Chico’s FAS will no longer be listed on the New York Stock Exchange.
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