Cathy Daniels acquired by Jump Design Group
Sportswear label Cathy Daniels Apparel has been acquired by Jump Design Group who plans to upgrade the label's technology and business development across all channels.
The acquisition turns all Cathy Daniels assets over to Jump Design Group (Jump). The sales team and factory groups will continue their existing operations, while Cathy Daniels President Jerry Passaretti, who has been the face of the brand for the past four decades, will lead business development under Jump's ownership.
Ashesh Amin, CEO of Jump Design Group said in a statement, "we're on a mission to acquire companies that have a sound business portfolio, and complement them with our strategies, marketing and customer base."
"In the next two or three years, we will chart a new course by using the most innovative technology to get the best product to the customer at the right time," he added, going on to explain that Jump's strategy is to combine a strong infrastructure with the front-end brands.
Amin made sure to clarify that Jump's business plan does not include rescuing struggling companies, saying "we're not on a mission to take companies that are in trouble and turn them around."
Other brands Amin has helped build include J. Crew, BCBG, Adriana Papell and Bombay Shirt Company.
Financial terms of the acquisition were not disclosed.
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