Women's specialty retailer Chico's FAS Inc has acquired most of the assets of the Fitigues brand stores headquartered in Scottsdale, Arizona.
Fitigues sells luxurious comfortable clothing through 14 free-standing retail store locations throughout the country, as well as through its customer catalog, though Chico's will only be acquiring 12 of the 14 locations. It will operate as a new branded division of Chico's.
Scott Edmonds, Chico's President and Chief Executive Officer, said, “We have known Fitigues' founders, Steve and Andi Rosenstein, for many years now and believe that their merchandise philosophy is very complimentary to that of Chico's."
"We believe this brand appeals to an affluent customer, similar in age and income to our White House | Black Market customer, but in a more luxurious casual way. By bringing Fitigues under the Chico's umbrella, we can provide the necessary capital, back office operations assistance, and leverage needed to successfully expand this brand across America over the next several years. We look forward to Steve, Andi, and Fitigues becoming part of the Chico's family,” he added.
Steve Rosenstein, Co-founder and President of Fitigues, stated, “The parallels and similarities of the early years of Fitigues and Chico's are quite amazing. Chico's financial strength, experienced teams, and intuition in the marketplace will help achieve the goal of providing the Fitigues customer with unique fashions and excellent customer service all within a comfortable boutique atmosphere.”
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