Menswear brand Paul Stuart acquired; new CEO named
Paul Stuart is under new ownership.
Private investment group Middle West Partners has partnered with Peerless Clothing Inc., the largest manufacturer of men's and boys' tailored clothing in North America, to acquire the luxury menswear brand from Mitsui & Co. Ltd. Financial terms of the sale were not disclosed.
The new owners have appointed John Hutchison, former chief executive officer of Bonobos, as incoming CEO of Paul Stuart. He also spent time at The North Face and Nike.
“Hutchison brings a combination of creative vision and a deep understanding of how to build a modern, resonant menswear brand,” the company stated. “His leadership and global perspective will lend a fresh eye toward the future.”
With the acquisition complete, Middle West and Peerless Clothing said they are jointly focused on strengthening core brand identity, unlocking international growth, and investing in product design that” reminds us why Paul Stuart was, and is, an American icon.”
Established in 2022 and based in Boston, Middle West targets investments in consumer retail, sports and entertainment. Earlier this year, it acquired the heritage jewelry brand David Webb.
“The Paul Stuart name continues to resonate with a discerning client 87 years later, and we still see so much more potential for this luxury heritage brand,” said Kevin Kelleher, managing partner of Middle West. “Our goal is to protect its unmatched quality and amplify its unique attributes on a global scale.”
Founded in 1938, Paul Stuart has remained anchored at its iconic flagship on Madison Avenue in New York City, with additional stores in Southampton, N.Y.; Chicago; and Washington, D.C. It also operates some 80 shops-in-shops.
Middle West Partners was advised on the transaction by David G. Hoffman. Legal counsel was provided by Hinckley Allen, and valuation advisory was provided by Gordon Brothers.
