Coldwater Creek assets acquired by Hong Kong-based company
Coldwater Creek will be revived – online and in print.
CWC Companies, parent company of the women’s apparel retailer, which shut down operations at the end of July, has been acquired by Newtimes Group, one of world’s largest supply providers to the apparel industry. The Hong Kong-based Newtimes said it purchased CWC’s inventory and intellectual property assets from Sycamore Partners for $12.2 million.
Newtimes plans to operate the acquired assets as an independent entity under the newly formed Coldwater International and will provide sourcing and back-office support. The company plans to relaunch the Coldwater Creek website in a few weeks and issue a new Coldwater Creek catalogue before the end of the year.
“We have chosen to acquire CWC’s online and catalogue business in order to expand and enhance our portfolio of companies,” said Alex Angelchik, Newtimes Group’s managing director. “We believe in the integrity of the Coldwater Creek brand, which has a long and proven track record of providing stylish and affordable apparel to American women. We are committed to enhancing Coldwater Creek’s quality and design, with the hope of increasing the brand’s appeal to an even larger audience.”
Newtimes Group offers fabric, product development, design, sourcing, technology and quality control solutions to retailers in North America, South America and Europe. The nearly 60-year-old company has 55 offices in Asia, Europe, India, the Middle East and Central America.