Samuelsohn Acquires Hickey Freeman

7/19/2013
Samuelsohn, a men's wear brand based in Montreal, has agreed to acquire all of the tangible assets of U.S.-based Hickey Freeman, including the factory, from W Diamond Group, and will enter into a 40-year license agreement for Hickey Freeman with brand owner, Authentic Brands Group. Terms of the transaction were not disclosed.

As part of the transaction, Samuelsohn CEO Stephen Granovsky, president and chief creative officer Arnold Brant Silverstone and president and COO Alan Abramowicz will expand their roles to include Hickey Freeman oversight and development.

"For 90 years Samuelsohn has been known and respected in the industry for producing the best quality suits in Canada. Likewise, Hickey Freeman has built a business and reputation over the last century producing the very best suits in the United States," said Stephen Granovsky, who is also CEO of Grano Retail Holdings, the owner of Samuelsohn. "Owning both of these best-in-class men's wear businesses will be a dream come true."

"Hickey Freeman has great brand value and long term retail relationships, as well as an extremely productive factory and talented workforce," adds Arnold Brant Silverstone. "We believe that, working with Authentic Brands Group, we can bring the same creativity, discipline and energy to Hickey Freeman that we have brought to Samuelsohn over the last three years."

"We intend, first, to add to the stability, and second to drive growth," said Lawrence Pollack, vice chairman of both Grano and Samuelsohn. "We estimate that Hickey Freeman can grow by as much as fifty percent in the next three to five years. The Rochester factory is a diamond in the rough."

"Workers United, SEIU, and its members are very pleased with this transaction. We have excellent working relationships with Samuelsohn in Montreal and with W Diamond in Chicago and the Union looks forward to a bright future of stability and expansion of jobs in Rochester," said Noel Beasley, president of Workers United.

"I will always fight to strengthen and grow Hickey Freeman in Rochester and have been pleased to stand with the company and its workers so that this day could come," said Senator Schumer. "This union with Samuelsohn buttons together two of the finest North American suit makers and will grow jobs and bring new work to Hickey Freeman's Rochester workforce in a way that will stabilize and strengthen this storied Rochester institution for decades to come."

"The entire W Diamond Team is proud to pass along the Hickey Freeman tradition of excellence to the Samuelsohn team and I personally look forward to supporting their efforts any way I can," said Doug Williams, CEO of W Diamond Group.

The acquisition announcement comes at the beginning of the Men's Spring 2014 Market Week in New York where Samuelsohn will be showcasing its newest collections to top retailers and media.  Samuelsohn also has another cause to celebrate; 2013 marks the 90th anniversary for the brand that will celebrate the milestone at a cocktail reception on July 21 during Market Week festivities.
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