Gordon Brothers successfully sold Bench, a British streetwear brand, to Wraith, an affiliate of Apparel Brands Limited, for all territories outside of the Americas. Apparel Brands Limited is currently one of Bench’s primary European licensees.
“Gordon Brothers is extremely proud to have played its part in saving one of the world’s first streetwear brands of scale,” Ramez Toubassy, president of brands for Gordon Brothers, said. “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.”
Gordon Brothers acquired the Bench brand and all its related intellectual property assets in July 2018. The focus was put on restructuring the business into a more asset light, intellectual property-centric business model. As a result of these efforts, Gordon Brothers secured several new partners in categories such as casualwear, handbags, gym equipment and workwear. Most critically, the brand’s positioning was overhauled to highlight “the gritty Manchester skate culture of the 1990s.”
These efforts culminated in the brand’s physical return home to Manchester with the signing of Apparel Brands as one of its anchor licensees for Europe. As Bench’s business developed, it became apparent that Apparel Brands Limited was the natural owner of the brand and ideally positioned to continue its growth.
“We are incredibly excited to be taking over the reins of the Bench brand outside of the Americas,” Peter Wood, owner of Apparel Brands Limited, said. “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.”
Gordon Brothers is a global advisory, restructuring and investment firm,
