Titan Global Holdings Inc. announced Friday that its Titan Apparel unit bought the majority of assets of Global Brand Marketing Inc., the global licensee of Sean John, Nautica and Dry-shoD.
Financial terms of the transaction weren’t immediately available.
In a company statement, Dallas-based Titan said the buy covers inventory, accounts receivable and intellectual property assets. In addition to the asset purchase, Titan Apparel has hired the complete core of executives currently leading GBMI, including founder Killick Datta, who was named president and CEO of Titan Apparel.
Shortly after the first of the year, Datta will outline the strategic initiatives and vision for this Titan unit, the company said.
There had been speculation earlier this week that Titan was aiming to capture all of GBMI. Titan’s Website revealed a “strategic relationship” with Greystone & Co., of which GBMI’s financier, Greystone Business Credit, is a division. A source told Footwear News that Titan came in to study whether the firm was worth salvaging and determined it was.
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