Sycamore Partners, a private equity firm specializing in consumer, distribution and retail-related investments, formed KnitWell Group, a new holding company comprised of leading apparel brands, including Ann Taylor, Loft and Talbots. Together, these brands generate over $3 billion in annual sales.
Sycamore Partners will continue to provide oversight and shared services to Lane Bryant, the plus-size women’s apparel brand. Sycamore said that, together, these brands position KnitWell as one of the largest specialty apparel companies in the United States.
KnitWell’s name reportedly reflects the company’s core belief that each brand is distinctive, but they are a powerhouse retail organization when put together.
Lizanne Kindler, CEO of Talbots, will lead KnitWell Group as executive chair and CEO. She is joined in the executive chair by a team of retail executives, supported by senior leaders at each of the brands.
“KnitWell is a collection of powerful brands that, in aggregate, have been providing customers with the fashions they want for nearly 300 years,” said Kindler. “Brands are propelled by a deep and meaningful connection with the customers they serve, and that is where we start and end each day. With that as our North Star, we know that this new structure will support our efforts to unite brands and people by providing greater resources and capabilities, economies of scale, and enhanced value. We are excited about the opportunities ahead and grateful for our more than 30,000 associates for being part of this next chapter.”
Managing Director of Sycamore Partners Stefan Kaluzny added, “Lizanne and the team have done an incredible job over the last decade reviving and growing these iconic American brands, first Talbots and, most recently, Ann Taylor and Loft. The consistent and focused approach, which leverages the replicable playbook this team has developed, is laying the foundation of success not only for the brands currently part of the KnitWell portfolio but also for potential future brands. We look forward to our continued partnership with Lizanne and the entire team.”
Photo courtesy Ann Taylor
