Xcel Brands (XELB) - Get Xcel Brands Inc Report as much as more than doubled Monday after the retailer said it’s buying Lori Goldstein fashion brands, adding to its five current brands including Isaac Mizrahi and Halston.
Terms weren’t disclosed.
LOGO by Lori Goldstein, launched in 2009, offers casual womenswear, outerwear, eyewear, jewelry and activewear.
It has been profitable since inception and has posted more than $1.5 billion in sales during that period, XCEL says.
Xcel recently traded at $2.97, up 54%. They've traded on Monday at as much as a 52-week high $4.15 after closing Thursday at $1.93. It has more than quadrupled (up 350%) in the past six months.
With Lori Goldstein, Xcel will apply its omnichannel distribution strategy and its effort to ["reimagine] shopping, entertainment and social media as one thing," Xcel Chief Executive Robert W. D'Loren said in a statement.
Goldstein is big on QVC, West Chester, Pa. “Our plan is first to grow her business internationally through QVC affiliates and other interactive television networks around the world,” D’Loren told WWD.
“Then we will look to explore extensions into the footwear, handbag, fragrance and home categories.”
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In February, Lauren said it planned to slash its North America office space by as much as 30% and close as many as 10 stores.
“This focuses on realigning our real estate footprint to our future strategic priorities,” said Chief Financial Officer Jane Nielsen .