WHP Global has announced it has entered into a mutually transformative strategic partnership with apparel brand Express (EXPR) through an investment and acquisition of shares.
The duo will form an intellectual property joint venture, with WHP to acquire certain intellectual property while EXPR transforms into an omnichannel platform company led by its current leadership.
The joint venture, which WHP valued at around 400 million dollars, aims to scale the Express brand through new domestic category licensing and international expansion opportunities.
The group will invest 253 million dollars for 60 percent ownership of EXPR, with the brand to own the rest.
WHP is to further invest 25 million dollars to acquire approximately 7.4 percent of EXPR’s shares.
The agreement looks to advance EXPR’s omnichannel platform and secure long-term growth through the operation of a portfolio of brands.
In a release, Tim Baxter, CEO at EXPR, said: “Our partnership with WHP will drive greater scale and profitability of the Express brand through their category licensing and international expertise and strengthen our balance sheet.
“We expect to accelerate our growth by acquiring multiple brands in partnership with WHP and operating them on our platform. Both of these are expected to drive shareholder value.”