Nine West Holdings Acquires Kasper Group
Nine West Holdings, Inc. announced this week that is has entered an agreement to acquire Kasper Group, an affordable, wear-to-work clothing retailer for women. Its apparel is sold under the flagship Kasper as well as other brands such as Anne Klein and Evan-Picone. "The Kasper Group is a profitable wholesale business that we anticipate will make a positive impact on the company's financial performance,” said Ralph Schipani, interim CEO of Nine West. “This acquisition of Kasper's reputable branded apparel will enable Nine West Holdings to offer its customers an array of women's affordable, wear-to-work tailored clothing, footwear and accessories."
Total Retail’s Take: Nine West recently sold its Easy Spirit brand and used the net proceeds to purchase the Kasper Group, however, the amount of the transaction wasn't disclosed. Last week, Nine West appointed former Ralph Lauren exec Joel Oblonsky as the company’s CEO. Nine West seems to be shaking things up, and I think the Kasper Group acquisition fits in well with the brand. A move into more apparel merchandise to complement its footwear will help Nine West market complementary products to its target demographic, extending its brand reach in the process.