The new CEO of the American apparel brand that sold $15 billion worth of apparel in 2016, David Googgins, will join ADAPTs CEO David W. Cohen as part of a package that includes a stake in the company’s core brands and a share of its retail operations.
Cohen has also been named chairman of ADAPTS.
The new ADAP ts CEO is David W., a graduate of Yale Law School.
Cohen is a member of ADAT’s board of directors and serves as the chairman of the board.
He previously served as chief executive officer of the company, which has grown from $20 billion in revenue in 2010 to $42 billion in 2016.
The transaction is subject to customary closing conditions, which are expected to be approved by ADAT shareholders in a vote next week.
ADAPt is a subsidiary of ADAC, the company that owns more than 50 brands including Macy’s, Levi’s, Sears, H&M and American Apparel.
ADAC’s brands include Calvin Klein, Calvin Klein & Fitch, Gap, Levi Strauss & ; L.L.
Bean, Louis Vuitton, Brooks Brothers, Ralph Lauren, Ralph Loring, Dior and others.
ADAT shares closed at $24.94. “
This transaction builds on the strengths of our brands and their existing customer bases, and brings the ADAP family closer together, creating more opportunities for our employees and our customers to share in ADAP’s future success,” he said.
ADAT shares closed at $24.94.
The stock is up 5 percent this year and is up about 40 percent since Cohen took the helm of ADATS in October 2016.