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Authentic Brands Group (ABG), owner of Reebok and Forever 21, among others, now also has British fashion brand Ted Baker in its portfolio. The acquisition of the label was finalized in recent days, Authentic Brands Group reported in a statement.
In August, it became clear that Authentic Brands Group would likely become the new owner of Ted Baker Plc. The company made a offer of 211 million pounds (about 250 million euros) on the British brand. An agreement was then reached with reservations. Some parties had yet to approve the takeover, including shareholders of the former listed company Ted Baker. Monday morning, Ted Baker announced his withdrawal from the London Stock Exchange.
Authentic Brands Group changes its business model Ted Baker
“We are thrilled to welcome Ted Baker to the Authentic family,” said Jamie Salter, Founder and CEO of Authentic Brands Group, in the press release. “This unique British brand strengthens our portfolio and strengthens ABG’s presence in the UK, Europe and the Middle East. The acquisition of Ted Baker is in line with our strategic objective of growing and diversifying our portfolio through the acquisition of brands originating from outside the United States.
Authentic Brands Group wants to turn Ted Baker into a business that operates through licensing. The group is currently “in consultation” with several companies that can handle Ted Baker’s manufacturing, retail, e-commerce and wholesale businesses, he said.
Ted Baker sells casual and more formal clothing for men, women and children through an online store and nearly four hundred outlets worldwide. Authentic Brands Group currently has over fifty brands in its portfolio across lifestyle, entertainment and media.
