Sequential Sells Ellen Tracy And Caribbean Joe to GMA Group

Headnote

BUSINESS

* The GMA Group is in the market for additional acquisitions, sources said.

Sequential Brands Group has sold its Ellen Tracy and Caribbean Joe Island Supply Co. to the GMA Group, WWD has learned.

Ellen Tracy sold for $17 million and Caribbean Joe was sold for $3 million, according to a filing with the Securities and Exchange Commission. The sale was made by Brand Matter LLC, a subsidiary of Sequential.

Ellen Tracy, once a powerhouse label in the contemporary and bridge markets with a strong appeal to working women, was founded in 1949 by the late Herb Gallen. Originally, Gallen sold cheap blouses but as many women entered the workforce, he infused much greater style in the offering, teaming with his chief designer Linda Allard whom he eventually married. The brand still has strong consumer awareness and is primarily distributed through department stores, off-price chains, warehouse club stores...