Luxury menswear brand Paul Stuart has been acquired by Middle West Partners (MWP), which partnered with apparel manufacturer Peerless Clothing Inc. to buy the company from longtime owner Mitsui & Co. As part of the ownership change, former Bonobos CEO John Hutchinson will take the reins as CEO of Paul Stuart. Financial terms of the deal were not disclosed.
“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 at Middle West Partners in a statement. “Our goal is to protect its unmatched quality and amplify its unique attributes on a global scale.”
Kelleher’s co-founding Partner at MWP, Michael Hamp, is a member of the Ford family, which co-owns the Detroit Lions. In a statement he shared what makes this acquisition personal to him: “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. 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.”
Earlier this year, MWP acquired high-end jewelry retailer David Webb.
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