MW Why Vera Wang may soon be corporate siblings with Bonobos, Express, Toys 'R' Us

By Mike Murphy

WHP Global may be about to add another well-known retail brand to its portfolio.

The Wall Street Journal reported Sunday that the New York-based brand-management company is close to a deal to purchase Vera Wang, the popular brand known for wedding dresses, jewelry and beauty products. According to the Journal, Vera Wang has about $700 million in annual retail sales, and a deal could be announced as soon as Monday. Wang herself is expected to retain her role as the brand's chief creative offer, the Journal said.

Neither WHP nor Vera Wang immediately responded to requests for comment late Sunday.

Privately held WHP was founded in 2019, and specializes in buying distressed companies. According to its website, WHP's brands generate more than $7 billion in annual sales.

Earlier this year, WHP purchased the majority of Express Inc. out of bankruptcy, in a roughly $174 million deal. Express Inc. owned the Express, Bonobos and UpWest brands. WHP also recently partnered with Guess to buy fashion brand Rag & Bone. WHP's other brands include Toys "R" Us, Lotto, Anne Klein and Joseph Abboud.

Retailers - especially high-end ones - continue to struggle as stubborn inflation hinders customers' spending power, as shoppers focus on staples rather than luxury items. Last week, Designer Brands Inc. $(DBI.AU)$ reported disappointing quarterly earnings as slower consumer spending and warmer-than-usual fall weather cut into its sales expectations.

Earnings Watch: Can Nike be cool again under its new CEO? Analysts have these near-term doubts ahead of earnings.

-Mike Murphy

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 15, 2024 19:45 ET (00:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.