Roger Hardy, who in February sold web-only eyewear company Coastal Contacts for $385.7 million, will consolidate OnlineShoes.com and ShoeMe.ca.
Redcats Group and its U.S. subsidiary – Redcats USA – is divesting of the last of its brands for young women. The company has sold its Chadwick’s, MetroStyle and Closeout Catalog brands to Monomy Capital Partners, a U.S. private equity fund.
Though the purchase price wasn’t disclosed, Redcats Group and its U.S. subsidiary – Redcats USA – is divesting of the last of its brands for young women.
Redcats USA, No. 29 in the Internet Retailer Top 500 Guide, has sold its Chadwick’s, MetroStyle and Closeout Catalog brands to Monomy Capital Partners, a U.S. private equity fund.
Redcats USA originally announced its intention to sell its missy apparel business earlier this year after it acquired United Retail Group, which includes almost 500 Avenue stores. The decision was part of the strategic plan to focus on developing the special size brands, as well as the sporting goods/outdoor brands into a multi-channel format, says Redcats USA CEO Eric Faintreny. Redcats USA purchased United Retail Group for $199 million in cash in September 2007.
“With the sale of our missy brands, Redcats USA’s global strategic repositioning is now fully completed,” Faintreny says. “We are now clearly focused on men’s and women’s plus-size apparel and outdoor gear.”
Stifel, Nicolaus & Company Inc. served as financial advisor to Redcats USA and Wachtell, Lipton, Rosen & Katz acted as legal counsel.
In recent years, the web has played a more important role in attracting customers and Redcats is building on that momentum by emphasizing branding images in its print catalogs as well, says Faintreny, whose audio-visual presentation at IRCE 2008 is available on CD-ROM..
Redcats, a unit of France-based Redcats Group, operates more than a dozen e-commerce sites and prints 500 million catalog copies for 10 brands in the U.S. and Canada, including Avenue, Woman Within, Roaman’s, The Sportsman’s Guide, The Golf Warehouse and Brylane Home.
The web now accounts for more than 40% of sales at Redcats, up from 5% in 2001.