Ascena Retail Group has purchased Ann Inc., the parent company of Ann Taylor and Loft, for approximately $2.16 billion, or $47 per stock. Ascena’s portfolio includes Lane Bryant and Cacique, comprising more than 4,900 stores.
“The transaction will make us part of a larger organization with a diversified portfolio of brands focused on the women’s apparel market, a strong operating platform and a powerful financial base,” said Ann, Inc. CEO Kay Krill in a statement, according to Yahoo News. The deal is expected to close in the second half of 2015. Ann Taylor has been a household name for female shoppers across the country for more than half a century; brand ambassador Kate Hudson has collaborated with the label on three collections, including a capsule comprised entirely of LBDs.