The children’s fashion giant purchased two of its rival’s largest brands within the framework of the liquidation process.
Children’s Palace wants to take the gold medal of childrenswear. The company is about to purchase two of its rival’s largest brands, Gymboree and Crazy8, which were up for sales since the bankruptcy of its parent company last January.
Gymboree shut down in January after going bankrupcy for the second time in less than two years. With a revenue of one billion dollars in 2016, Gymboree was the third largest group in the sector, only behind Carter’s and Children’s Place.
Now, the brands Gymboree and Crazy8 will be acquired by Children’s Place for 76 million dollars, while Janie and Jack, its premium brand will be acquired by Gap.
Gymboree and Crazy8 will be bought by Children’s Place for 76 million dollars, and Gap will purchase Janie and Jack
The operation includes only intellectual property, since the 800 stores of the brands began its clearance last January. Children’s Place, on the other hand, has a revenue of approximately 1.6 billion dollars and operates with the brands The Children’s Place, Place and Baby Place.
The company is undergoing a restructuring process to adopt an omnichannel strategy, which will involve the closure of 300 stores by 2020 and a greater commitment to the online channel.