Revamped Bench brand sold to licensee Wraith
The Bench brand outside of North America has been sold to an affiliate of one of its main European licensees. It had been owned since summer 2018 by restructuring and investment firm Gordon Brothers, which has sold it to Wraith, an affiliate of Apparel Brands. No purchase price was disclosed.
The streetwear brand has been through lot of change since Gordon Brothers bought it and all its related intellectual property assets nearly two years ago after it had filed for administration.
Launched in the UK in 1989, it had been struggling for several years before its administration filing, and its losses had grown. At the time, the new owner said it planned to exploit the label’s heritage as one of the world's first streetwear fashion retailers.
Apparel Brands owner Peter Wood said the company is “incredibly excited to be taking over the reins of the Bench brand outside of the Americas. With a vibrant portfolio of great partners throughout Europe and excellent awareness and customer affinity, we believe the potential for the brand is sky high.”
Meanwhile Gordon Brothers’ president of brands, Ramez Toubassy, added: “By successfully bringing our asset-light business methodology to bear in this restructuring we were able to deliver a healthy business for Wraith to grow well into the future.”
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