Bluestar Alliance LLC (BSA) announced that it has signed a definitive agreement to acquire popular tween fashion brand Justice. Bluestar’s winning bid at a competitive auction conducted by Ascena Retail Group under Section 363 of the U.S. Bankruptcy Code was valued at approximately $90 million and includes the intellectual property, certain related assets and the assumption of certain liabilities.
“Bluestar has continued to grow and strategically build its portfolio,” commented Joseph Gabbay, CEO of Bluestar Alliance. “Today we are a premiere brand management and marketing company, and Justice is an important asset with years of growth ahead. An icon of tween culture, with its influence felt across fashion, lifestyle, pop-culture and more, we see opportunity for global brand extensions and partnerships.”
“Justice is the world’s best-known tween brand, yet it still has the capacity to grow, particularly in categories and distribution,” said Ralph Gindi, co-founder of Bluestar Alliance. “Our goal is to create even deeper connections with our consumers and the brand while expanding Justice’s reach and footprint. Our future retailer partner will appreciate the heritage of the brand and truly commit to servicing the Justice customer.”
Bluestar will focus on engaging Justice’s current demographic and social following as it takes the brand into the future.
“This is an exciting time for Bluestar,” added Gindi. “Justice is a brand we know and understand. We have proven success in this market and the opportunities here are boundless.”
The transaction is expected to close before the end of November 2020.