Los Angeles–Brentwood Associates, a private equity investment firm, announced today that it has acquired Boston Proper direct-to-consumer business from Chico’s FAS, Inc. Terms of the agreement were not disclosed.
Boston Proper is a Boca Raton, Florida-based multi-channel retailer of women’s apparel and accessories. In partnership with existing Boston Proper management, including Boston Proper President/Chief Merchandising Officer Sheryl Clark, Brentwood will refocus on building a unique and compelling direct-to-consumer lifestyle brand through Boston Proper’s print, digital and social channels.
Last November, Chico’s FAS announced it had signed a nonbinding letter of intent to sell Boston Proper. Chico’s management has said the sale will allow them to focus more time, capital and efforts on its other brands, which they expect to generate more “significant opportunities and improved financial returns.”
‘Wear It Like No One Else’
“Boston Proper has been catering to a very particular niche for nearly 25 years. The demographic can best be described by its attitude – ‘wear it like no one else’,” explains Clark. “These women don’t fall into traditional categories. What they do have in common is the desire to feel sexy but polished in such a way that’s impossible to ignore. The Boston Proper woman is on trend, but she makes it her own in unexpected ways, and she looks to us for fashions she knows no one else will be wearing.”
“Brentwood brings an extraordinary level of relevant experience and strategic insight to our company,” notes Clark. “They not only have a proven track record of success with our business model, but they also have a strong understanding of who we are and a like-minded vision of where we want to go.”
“Brentwood has been a loyal and longstanding fan of Boston Proper and its management team, having tracked the business for over a decade,” said Eric Reiter, a partner at Brentwood. “They occupy a unique and compelling niche within the women’s apparel and accessory market, and we believe we can be a valuable partner in their next stage of growth.”