Authentic Brands Group (ABG), owner of celebrity brands such as Marilyn Monroe and fashion brands including Juicy Couture, has acquired iconic lingerie label Frederick’s of Hollywood.
A bankruptcy court judge in Delaware approved the $22.5 million sale earlier this month, reports The Associated Press.
In a statement, ABG said the acquisition increases the value of its portfolio to nearly $5 billion in global retail sales.
"Frederick’s of Hollywood supports our strategic focus of diversifying the portfolio and strengthens ABG’s position in the intimate apparel category," said ABG chairman Jamie Salter.
ABG said its strategic focus for Frederick’s of Hollywood going forward will be to launch a new brand vision, expand product categories and drive distribution across department stores and specialty retailers in markets including North America, Europe, Asia, South America and Latin America.
"Lingerie is Frederick’s heritage and this is a brand that continues to be inspired by Hollywood glamour," said ABG president and CMO Nick Woodhouse.
"There is a tremendous amount of brand equity that we will leverage globally via key partnerships, dynamic marketing, and innovative product design."
Fredericks of Hollywood, founded in 1946, closed all of its retail stores in April ahead of its bankruptcy filing April 19.
The US-based retailer blamed its fall into bankruptcy on increased competition from other retailers, decreased foot traffic in malls and weakened discretionary spending by its target customers.
Until the 1980s, Fredericks was the market leader in the American intimate apparel sector, before being overtaken by Victoria’s Secret.