Authentic Brands Group (ABG), General Growth Properties (GGP) and Simon Property Group (SPG) finalise the acquisition of the global trend-focused apparel and accessories brand, Aeropostale. The consortium includes ABG, the owner of a global portfolio of fashion, sports and entertainment brands, GGP and SPG, two of the largest retail real estate companies in the world.
Aeropostale offers young women, men and kids a focused selection of active-oriented fashion and fashion basic merchandise at compelling values. The brand will continue to be available in over 700 retail doors around the world; more than 400 stores in the US and Canada and approximately 300 doors across Latin America, Europe, the Middle East and Southeast Asia.
Through ABG's proven know-how in brand building and licensing, combined with the expertise of retail real estate specialists, GGP and SPG, there is now a strong foundation in place for long term performance and growth.
"We are pleased to be part of this consortium that has saved thousands of jobs and preserved a legendary American brand," said David Simon, Chairman and CEO, Simon Property Group. "We are encouraged by the tremendous amount of support we have received from employees, vendors and other landlords”.
“This consortium brings a new approach to brand development and Aeropostale brings another facet to ABG's fashion portfolio,” said Jamie Salter, Chairman and CEO, ABG. “The purchase of Aeropostale propels the retail revenue driven by ABG's brands to over US $4.5 billion USD in retail sales worldwide. We look forward to working closely with our new partners, General Growth Properties and Simon Property Group to continue to grow the Aeropostale brand on a global scale”.
“Aeropostale has significant brand equity and the go-forward portfolio of stores generates more than $1 billion in global retail sales, over $800 million of which is from the US,” said Sandeep Mathrani, CEO, GGP. “The entity is financially secure and well capitalized and we are very pleased that thousands of jobs will be preserved”.