Abboud Purchaser Has Eye on New Categories, Overseas Growth

Yehuda Shmidman wore a Joseph Abboud tuxedo to his wedding 16 years ago, so he’s been a fan of the brand for a long time. Now he’s the steward. Last Friday, Shmidman, the chief executive officer of WHP Global, a new brand acquisition and management firm, acquired the Joseph Abboud trademark from Tailored Brands Inc. for $115 million. He said his company, while a newcomer to the brand management scene, is well-funded and believes its opportunity centers around acquiring “well-established legacy brands with a strong following that have reached a critical size and have an opportunity for growth.” And the Abboud brand, which was founded more than 30 years ago and has sales of more than $500 million at Tailored Brands’ stable of stores, checked all those boxes. Under the terms of the deal, Tailored Brands has entered into a licensing agreement with WHP for the exclusive rights to sell and rent Joseph Abboud branded apparel and related merchandise in the U.S. and Canada. “I love the brand personally and have been a customer and a fan for many years,” he said. “He dresses men to make them look and feel their best.” Shmidman would not reveal the length of the deal, but it is believed to

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