Authentic Brands Group (ABG) has struck a deal to buy U.K. fashion chain Ted Baker for about $254 million.

With distribution across five continents, Ted Baker has 370 stores and concessions in the UK, Europe, North America, the Middle East, Africa, Asia, and Australasia. Ted Baker is currently listed on the London Stock Exchange.

“Ted Baker is a highly regarded, uniquely British brand whose strong fashion credibility resonates with consumers around the world,” said Jamie Salter, founder, chairman and CEO of ABG. “We are excited to build on the brand’s global foundation through a business model focused on licensing, wholesale, retail, digital, and strategic marketing partnerships. Under ABG’s ownership, we believe that Ted Baker is poised for continued growth and success.”

After completion of the acquisition, ABG intends to separate the Ted Baker business into an intellectual property holding company which would remain controlled by ABG to own and manage the worldwide licensing operations of the Ted Baker brand, be responsible for its global marketing strategy, as well as one or more operating companies that would manage the physical retail, e-commerce and wholesale operations of the Ted Baker business.

The acquisition, expected to complete in the fourth quarter of 2022, remains subject to the satisfaction of certain conditions.

ABG owns more than 30 lifestyle brands including Sports Illustrated, Marilyn Monroe, Elvis Presley, Muhammed Ali, Shaquille O’Neal, Brooks Brothers, Aéropostale, and Forever 21. In the active lifestyle space brands include Reebok, Eddie Bauer, Izod, Greg Norman, Spyder, Tretorn, Tapout, Prince, Volcom, Airwalk, and Vision Street Wear.

Photo courtesy Ted Baker