The founder of Perry Ellis International is leading a US$437 million privatisation of the company.
George Feldenkreis will buy all the outstanding common shares of the company not already owned by members of his family.
“I believe that Perry Ellis’ ability to invest and innovate is limited by the short-term pressures of being a public company,” said Feldenkreis in a statement.
“I am confident that as a private company, Perry Ellis will be best positioned to make investments in digital innovation, artificial intelligence and marketing, that support our long-term strategy to grow the company’s powerful global lifestyle brands, while expanding into higher-margin businesses and channels of distribution, including international, direct-to-consumer and licensing.”
Once the purchase is complete, Feldenkreis will return to an active management role within the company, but oscar Feldenkreis will continue as CEO.
“The completion of this transaction will enable Perry Ellis to preserve the integrity of its infrastructure and business units across the US and abroad. Our partners should benefit from our enhanced ability to make long term investments in brands, technology and innovation while continuing to remain focused on executing on our long-term growth strategy,” said Oscar Feldenkreis.
Perry Ellis International manages a large portfolio of brands in fashion, fragrances and accessories, including Jag, John Henry, Jantzen, PGA Tour and Girlstar. The company was founded in 1967 and previously known as Supreme. It bought the Perry Ellis brand in 1999 and subsequently took on the name.
