The shareholders of Innovo Group Inc. the Commerce-based apparel maker that manufactures Joe's Jeans approved the purchase of the Joe's Jeans brand from its designer, Joe Dahan.
Innovo Group will also change its name to Joe's Jeans Inc. and its ticker symbol will change from INNO to JOEZ beginning on October 15.
The acquisition of Joe's Jeans from Dahan for 14 million shares of common stock was announced in February of this year.
After selling its private label apparel business last year which made clothes for American Eagle Outfitters, Target Corp. and Kmart Innovo Group has been focusing on manufacturing Joe's Jeans.
Before the sale of the private label apparel business, Innovo was struggling financially and at one point considered putting itself up for sale.
This year the company has seen a huge turnaround. Its third quarter results ended on August 25 reported a net sales increase of 26 percent to $15.7 million. The company's operating income improved to $1.2 million versus an operating loss of $283,000 in the third quarter of 2006.
Dahan will continue to design Joe's Jeans.
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