Sycamore Partners (New York) has formed KnitWell Group, a new holding company consisting of apparel brands Ann Taylor, LOFT and Talbots. KnitWell’s name reflects Sycamore’s core belief that each strong brand is distinctive. Still, when put together, they are a powerhouse retail organization dedicated to meeting customers where they are in their journey, the private-equity firm said.
Lizanne Kindler, current CEO of Talbots, will lead KnitWell Group as Executive Chair and CEO.
“Brands are propelled by a deep and meaningful connection with the customers they serve, and that is where we start and end each day,” said Kindler. “With that as our North Star, we know that this new structure will support our efforts to unite brands and people by providing greater resources and capabilities, economies of scale and enhanced value. We are excited about the opportunities ahead and grateful for our more than 30,000 associates for being part of this next chapter.”
Said Stefan Kaluzny, Managing Director of Sycamore Partners: “Lizanne and the team have done an incredible job over the last decade reviving and growing these iconic American brands, first Talbots and most recently Ann Taylor and LOFT,” “The consistent and focused approach, which leverages the replicable playbook this team has developed, is laying the foundation of success not only for the brands currently part of the KnitWell portfolio, but also for potential future brands. We look forward to our continued partnership with Lizanne and the entire team.”
Together, the three brands generate more than $3 billion in annual sales. The holding company will also provide oversight and shared services to Lane Bryant, a plus-size women’s apparel brand.