BOSTON: New Era Cap, a global lifestyle brand with a deeply rooted connection to sport, fashion and culture, Thursday announced the completion of its acquisition of ’47, a privately held premium sports lifestyle brand.
Financial terms of the transaction were not disclosed.
The combined company, comprising two distinct, family-founded brands, is expected to generate approximately $2 billion in annual revenue and deliver an expanded and diversified product portfolio of apparel and accessories globally.
The announcement comes close on the heels of the New York-based brand known for its sports fashion headwear signing a long-term licensing agreement with India’s Metro Brands Limited (MBL). The stated aim of the partnership is to “enhance Metro Brands’ presence in the athleisure sector and expand New Era’s retail footprint in India”.
“This transaction is an important milestone in the history of both brands as we continue the next chapter of our growth as a premier global sport and lifestyle company,” said Christopher H Koch, chief executive officer of New Era. “We look forward to leveraging the complementary talent of our combined teams to continue strengthening our customer relationships and licensing partnerships, enhancing our premier products and delivering premium experiences to fans and consumers around the globe.”
The New Era and ’47 brands will continue to operate separate e-commerce websites and serve consumers independently from each company’s respective headquarters in Buffalo, New York, and Westwood, Massachusetts. The combined company will be led by Koch and the current New Era and ’47 management teams.
