NEW YORK, Nov. 11, 2020 /PRNewswire/ -- Bluestar Alliance LLC (BSA) announced today that it has signed a definitive agreement to acquire popular tween fashion brand Justice. Bluestar's winning bid at a competitive auction conducted by Ascena Retail Group under Section 363 of the U.S. Bankruptcy Code was valued at approximately $90 million, and includes the intellectual property, certain related assets and the assumption of certain liabilities.
"Bluestar has continued to grow and strategically build its portfolio," commented Joseph Gabbay, Chief Executive Officer of Bluestar Alliance. "Today we are a premiere brand management and marketing company, and Justice is an important asset with years of growth ahead. An icon of Tween culture, with its influence felt across fashion, lifestyle, pop-culture and more, we see opportunity for global brand extensions and partnerships."
"Justice is the world's best-known Tween brand, yet it still has the capacity to grow, particularly in categories and distribution," commented Ralph Gindi, Co-Founder of Bluestar Alliance. "Our goal is to create even deeper connections with our consumers and the brand, while expanding Justice's reach and footprint. Our future retailer partner will appreciate the heritage of the brand, and truly commit to servicing the Justice customer."
Bluestar will focus on engaging Justice's current demographic and social following as it takes the brand into the future.
"This is an exciting time for Bluestar," says Gindi. "Justice is a brand we know and understand. We have proven success in this market and the opportunities here are boundless."
A hearing to seek court approval is scheduled for November 12, 2020. The transaction is expected to close before the end of November 2020.
ABOUT BLUESTAR ALLIANCE:
Bluestar Alliance, founded in 2006 by Joseph Gabbay and Ralph Gindi, owns, manages, and markets a portfolio of consumer brands including Hurley, bebe, Tahari, Brookstone, Kensie, Limited Too, Nanette Lepore, Catherine Malandrino and others that span across many tiers of distribution. Bluestar Alliance specializes in developing and marketing consumer brand companies through extensive relationships with leading retailers, brand licensing manufacturers and a network of media and strategic partners. Bluestar Alliance's current international and domestic partners offer the opportunity to take a niche brand to a visible worldwide lifestyle brand. Bluestar's retail footprint includes over 250 stores, shop in shops, and distributors in North America, Europe, South America, Japan, China, Korea, Australia, the Middle East, UAE, Kuwait, Egypt, Saudi Arabia, Lebanon, and many more. Since its inception, the company has acquired select brands with retail sales expected to exceed $4 billion in 2020.