The Men's Wearhouse has acquired JA Holding, the parent company of the American clothing brand, Joseph Abboud, for approximately $97.5 million in cash. The transaction is expected to close in the third quarter of this year.
In addition to menswear, the brand includes the JOE Joseph Abboud, Joseph Abboud Boys and Joseph Abboud Home properties, which represent products sold in more than 50 countries worldwide.
Joseph Abboud, founder and creator of the brand, has served as chief creative director of Men's Wearhouse since December 2012.
"This transaction accelerates our strategy of offering exclusive brands with broad appeal at attractive prices,” says Doug Ewert, president and chief executive officer, Men's Wearhouse.