Perry Buys Rafaella
Perry Ellis International of Miami announced it has agreed to buy the Rafaella Apparel Group, a women’s better sportswear label, from Cerberus Capital Management for $70 million plus warrants to purchase 106,564 shares of common stock. The deal is expected to close on or before Jan. 28. “With the addition of the Rafaella Apparel platform, Perry Ellis will immediately become a more significant player in the women’s apparel industry,” said George Feldenkreis, Perry Ellis’ founder and the company’s chairman and chief executive officer. Perry Ellis’ other labels include Jantzen, C&C California, Laundry by Shelli Segal, Girl Star, Redsand, Original Penguin by Munsingwear and Gotcha. The Rafaella label is sold in department stores. For the 12-month period ending Sept. 30, Rafaella’s revenues were $122 million.
