This story has been updated here.
Authentic Brands Group has emerged victorious in an auction to acquire bankrupt shoe brand Nine West, Reuters reported.
The New York-based brand management firm beat out DSW Inc. in court proceedings on Sunday to snap up Nine West’s intellectual property with a revised bid of about $350 million, Reuters said, citing people familiar with the matter. (ABG had initially bid $200 million to acquire the shoe label, which became popular among working women in the 1990s.)
After months of speculation, Nine West Holdings Inc. — owner of Nine West, Anne Klein, Gloria Vanderbilt and other labels — filed for Chapter 11 bankruptcy protection in April.
The firm said it sought to facilitate the sale of its Nine West and Bandolino footwear and handbag businesses and to adjust its capital structure around its “profitable and growing businesses,” including One Jeanswear Group, The Jewelry Group, the Kasper Group and Anne Klein.
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At that time, the company entered into a stalking-horse asset purchase agreement with ABG for the purchase of Nine West and Bandolino.
ABG is the owner and licensor for a range of lifestyle, celebrity and entertainment brands including Frye, Juicy Couture, Elvis Presley and Marilyn Monroe.
Proceeds from Sunday’s reported sale are expected to pay down some of Nine West’s $1.5 billion in debt.
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