Warnaco Completes Sale of Swimwear Businesses
The Warnaco Group Inc. sells its Anne Cole, Cole of California and Catalina businesses to In Mocean Group LLC for total consideration of approximately $26 million. "The sale of these businesses is consistent with our prior announcement to re-align the Swimwear Group to enhance its future growth and profitability. While Anne Cole, Cole of California and Catalina are strong brands with important positions in their respective channels, their sale allows our team to focus its time and resources on those brands and businesses with the greatest long-term growth potential for Warnaco," says Helen McCluskey, president of Warnaco's Intimate Apparel and Swimwear Groups. Meanwhile, Zvi Ben-Haim, president of In Mocean Group LLC, says, "We are pleased to add Anne Cole, Cole of California and Catalina to our brand portfolio. As we grow, we believe these great brands will nicely complement our existing swimwear businesses."