Kellwood Company announced the signing of an agreement to acquire Kasper A.S.L., Ltd., according to Hal J. Upbin, Kellwood chairman, president, and chief executive officer.
“After working on this opportunity for several months, Kellwood management is extremely pleased to reach an agreement with Kasper, subject to approval of the Bankruptcy Court. Kasper will be structured as a stand-alone company under the Kellwood Womenswear umbrella. We look forward to welcoming the Kasper associates into our worldwide organization,” commented Upbin. Kasper sales for 2002 were approximately $350 million.
“Kasper has a strong portfolio of brands itself, which will augment Kellwood’s already diverse brand assortment and multichannel strategy,” added Upbin. The Kasper organization consists of five distinct brands, targeting different consumers, price points and distribution channels. Le Suit(R) is created for the upper moderate market. Kasper(R) suits, sportswear and dresses along with AK Anne Klein(TM) sportswear and Anne Klein(R) dresses are designed for the better market. Albert Nipon(R) and the Anne Klein New York(TM) collections are targeted to the bridge market.
