CEO of Centric Brands heads up management buyout of company
The CEO of Centric Brands has taken a majority stake in the lifestyle brand company.
Centric, whose portfolio includes includes more than 100 licensed and owned brands, has completed its sale to CEO Jason Rabin and a new investor group comprised of Axar Capital Management, M-Cor Capital and MSP Sports Capital. Jarrod Kahn, president of Centric Brands Group, is also part of the group.
Centric's current management team will continue to lead the company. Rabin will remain CEO. Centric’s previous ownership group — Blackstone, Ares Management and HPS Investment Partners — has exited.
In May, tween and teen accessories retailer Claire’s entered into a multi-licensing agreement with Centric Brands to expand the Claire’s brand into new categories and more than 7,000 additional retail touch points across North America.
Building on a period of sustained growth, Centric said it will continue expanding into new brands, products and categories while further investing in its best-in-class global operations. The company has invested more than $25 million in its global sourcing operation, leveraging its scale to achieve efficiency and deliver the best product.
In addition, Centric has invested in distribution centers totaling 2.7 million square feet across California and New Jersey. It it currently rolling out its internal AI platform, Centric IQ, across its global teams.
Each of the new partners brings complementary expertise and new opportunities to Centric, the company said in a press release.
“I'm excited to work with a new investor group to lead the company into its next phase," said Rabin. "We'll continue expanding our brand portfolio, deepening our global operational capabilities, and delivering for our retail and licensing partners."
Centric's portfolio spans more than 100 licensed and owned brands, including Calvin Klein, Coach, Dockers, Faherty, Favorite Daughter, Gap, Joe's Jeans, Michael Kors, Off-White, Quiksilver, Tommy Hilfiger, Ugg and Under Armour, as well as entertainment brands including Disney, Marvel, Paramount, and Universal. The company employs over 2,600 people across 26 offices in North America, Europe, and Asia, including 18 offices across eight countries in Asia.
