American Eagle Outfitters, Inc. a leading global specialty retailer has acquired Tailgate Clothing Company, which owns and operates Tailgate, a vintage, sports-inspired apparel brand with a college town store concept, and Todd Snyder New York, a premium menswear brand, it said in a press release.
Founder and Creative Director, Todd Snyder joins as Executive Vice President, reporting to Chad Kessler, Global Brand President, American Eagle Outfitters. Jimmy Olsson joins as Vice President and will continue to lead the day-to-day operations of Tailgate and Todd Snyder New York. The purchase price was approximately $ 11 million paid in cash and stock.
“We are thrilled to add these unique brands to our portfolio, which provide exciting new business opportunities,” said Jay Schottenstein, Interim CEO. “Todd and Jimmy bring exceptional creative talent and operational skills. They will continue to lead the business, as our organization remains focused on driving continued momentum and profit improvement. Capital investments in the Tailgate and Todd Snyder brands will be paced, with a test and scale approach based on profitability and return on investment.”
“Joining a leading American retailer is an exciting step for our brands and provides a strong foundation for future growth,” said Todd Snyder. “Our new Tailgate store concept is an ideal outlet to integrate AE jeans and apparel, creating a unique lifestyle destination on college campuses. I look forward to contributing to AEO’s future success.”
Snyder joins with an extensive background in retail apparel. He launched the Tailgate brand in 1997, followed by his eponymous menswear collection in 2011. Prior to this, Todd spent more than two decades in retail apparel, including Designer for Polo Ralph Lauren, the Director of Menswear for the Gap, and SVP of Menswear at J. Crew. He was named GQ’s 2012 Best New Menswear Designer, and a 2012, 2013 and 2014 Council of Fashion Designers of America Award Nominee.
The Tailgate store concept is based on a unique localized approach, with its merchandise collections bringing quality and style to traditional college apparel.
Todd Snyder New York offers a premium menswear collection inspired by Savile Row craftsmanship, military tailoring, and a distinct New York sensibility. Todd Snyder New York is offered in select department stores and boutiques, as well as online at ToddSnyder.com. (SH)