Luxury menswear brand Paul Stuart has been acquired by private investment group, Middle West Partners (MWP).
Paul Stuart
MWP partnered with apparel manufacturer, Peerless Clothing Inc. to acquire the New York City-based fashion brand from Mitsui & Co., which has been with the brand for more than 50 years.
Financial terms of the deal were not disclosed.
As part of the deal, John Hutchison, former chief executive officer of Bonobos, has been appointed the new CEO of Paul Stuart, according to a press release.
“The Paul Stuart name continues to resonate with a discerning client 87 years later, and we still see so much more potential for this luxury heritage brand,” said Kevin Kelleher, managing partner of MWP.
“Our goal is to protect its unmatched quality and amplify its unique attributes on a global scale.”
Earlier this year, MWP acquired high jewelry house, David Webb, as the private equity firm looks to expand its portfolio of brands.
“Paul Stuart has been one of my family’s favorite brands for more than 25 years. It has a look that’s distinctly its own—when you walk down the street, you know it’s Paul Stuart,” said co-founding partner at MWP, Michael Hamp.
“My father and now my brothers and I have worn Paul Stuart for as long as I can remember. It is both a privilege and honor to take on the responsibility of stewarding this brand.”
