Expect a well-known designer and a restructuring team to make their appearance at Brooks Brothers within the next few months.
Those are just two of the changes that will be instituted quickly by its new owner, Jamie Salter, the founder and chief executive officer of Authentic Brands Group, who finalized the deal to purchase the 202-year-old retailer for $325 million on Friday through his Sparc Group partnership with Simon Property Group.
“This is a home run — a grand slam,” Salter told WWD shortly after the acquisition was finalized. “It is definitely one of the best deals we’ve done in the last 10 years.”
Salter said one of his partners at BlackRock, which last summer, through its Long Term Private Capital arm, invested $875 million into ABG, was the first one to tell him he should buy Brooks Brothers. “He travels all over the world and told me, ‘This brand