SECAUCUS, N.J.--(BUSINESS WIRE)--Kinbow LLC. (“Kinbow”), today announced the agreement to acquire the majority stake of Ashley Stewart, Inc. (Ashley Stewart) from ASI Holdco, LLC, the parent company of Ashley Stewart, the leading fashion retailer of apparel, intimates, and accessories for women sizes 10 to 36.
This strategic acquisition is designed to further strengthen Kinbow’s growing position in the value fashion retail market. The price was not disclosed.
Kinbow plans to continue to operate all of Ashley Stewart’s brick-and-mortar stores and ecommerce business in their current form and keep Ashley Stewart’s management team in place.
Commenting on the acquisition of a majority stake in Ashley Stewart, Ram Ajjarapu, Executive Director of Kinbow, said, “We are very excited about the opportunity to acquire this iconic retailer and grateful for all of the support we have received from all of Ashley Stewart’s stakeholders, especially our lender, Wingspire Capital, who worked closely with us to consummate this transaction.”
“This acquisition demonstrates our belief in the value fashion market and marks a strategic expansion of Kinbow into the retail business. As an accomplished apparel and accessories manufacturer with proven experience in developing stylish inclusive size styles, we expect to continue the heritage of the Ashley Stewart brand and look for opportunities to expand the on-trend fashion offerings the company’s loyal customers have come to expect,” Ajjarapu concluded.
Kinbow LLC was represented by Norris McLaughlin, P.A., with attorneys Jeffrey K. Cassin, Mariya Gonor, and Samuele Riva leading the transaction.
Guggenheim Securities, LLC is acting as financial advisor to Ashley Stewart; Brownstein Hyatt Farber Schreck LLP is serving as legal advisor to ASI Holdco.
About Kinbow LLC
Kinbow LLC is an affiliate of RA Capital which is a group company owned by Ram Ajjarapu, who has diversified interests in Technology, Insurance, Financial Services, Renewable Energy and Retail Industries.
About Ashley Stewart
Since its founding in 1991, Ashley Stewart® has stood for uncompromising style, fashion and value, championing the confidence and empowerment of women. Today, Ashley Stewart is a leading omni-channel retailer offering the hottest looks for women sizes 10 to 36 with a significant e-commerce presence at www.AshleyStewart.com and 75 stores across the United States.