Commerce denim company Joe’s Jeans Inc. announced Wednesday morning it completed its acquisition of Hudson Clothing Holdings Inc.
Joe’s Jeans, which announced plans to acquire Hudson for $97.6 million in July, will preserve both companies’ brand identities. Joe’s Jeans President and Chief Executive Marc Crossman said in a statement the acquisition will result in savings for the company.
“The combination of our two organizations, which doubles the size of our business, significantly enhances our growth across wholesale, retail and e-commerce, both domestically and overseas. The combination also provides operating and supply chain benefits that should drive meaningful cost savings in the future and underscores our positive outlook,” his statement said.
Joe’s Jeans’s shares were up nearly 9 percent midday after the announcement. Its shares fell more than 12 percent when the deal was announced.
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