Express completes partnership deal with WHP Global

Fashion apparel retailer Express, Inc. (EXPR) has announced the completion of a previously announced transaction with WHP Global, a leading global brand management firm.

The company’s board of directors has also named Yehuda Shmidman as a Class II director.

Express announces completion of agreed transaction with WHP Global

The mutually transformative strategic partnership, Express said, advances the company's omnichannel platform which is expected to drive accelerated, long-term growth through the acquisition and operation of a portfolio of brands. EXPR and WHP have also formed an intellectual property joint venture intended to scale the Express brand through new domestic category licensing and international expansion opportunities.

“As our team continues its strong focus on returning the core Express business to growth and profitability and advancing our Expressway Forward strategy, our partnership with WHP Global will allow us to achieve greater scale through non-core domestic licensing opportunities and international expansion,” said Tim Baxter, the company’s chief executive officer.

“The 260 million dollars in gross proceeds will be used to immediately pay down our high interest term loan, invest in our omnichannel platform, and pursue additional opportunities for growth through the acquisition of brands with WHP, all of which are expected to drive long term, sustainable value for our shareholders,” Baxter added.

Express names Yehuda Shmidman as Class II director

Shmidman, the company added, is a seasoned executive in the brand management industry, having successfully invested over 3 billion dollars of capital to acquire, grow and monetize global consumer brands. He is the co-founder, chairman & chief executive officer of WHP Global.

Shmidman has two decades of experience across multiple consumer segments including fashion, hard goods, toys, home, wellness, media, celebrity, sports and electronics, with direct leadership over dozens of well-known brands including Toys“R”Us, Anne Klein, Martha Stewart and Peanuts. He is a board member and executive committee member of the Fashion Scholarship Fund, and a board observer of Toys“R”Us ANZ.