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Samuelsohn Ltd., a Montreal-based premium menswear brand, has finalized its purchase of Hickey Freeman from W. Diamond Group, Sen. Charles Schumer, D-N.Y., said this afternoon.
Samuelsohn will enter into a 40-year license agreement for the Hickey Freeman brand with Authentic Brands Group, Schumer said. He added that Samuelsohn plans to bring new lines of business to the Rochester facility, maintaining jobs and potentially adding new ones.
Samuelsohn CEO Stephen Granovsky, President and Chief Creative Officer Arnold Brant Silverstone and President and Chief Operating Officer Alan Abramowicz will expand their roles to include Hickey Freeman oversight and development, Schumer said. Granovsky will serve as the CEO of Hickey Freeman Tailored Clothing.
"We are delighted to acquire Hickey Freeman," Granovsky said in a statement. "We consider the Rochester factory to be a diamond in the rough. It is very productive and we look forward to working with the Rochester team to grow the business significantly over the next three to five years."
“We are very pleased with this transaction and look forward to building on the excellent working relationship we have had with Samuelsohn in Montreal to now grow jobs and add more work to the Hickey Freeman factory in Rochester. We now look forward to a bright future of stability and expansion of jobs in Rochester,” said Gary Bonadonna Sr. manager of the Rochester Regional Joint Board, Workers United, in a statement.
Schumer said Samuelsohn believes it can grow Hickey Freeman by as much as 50 percent in the next three to five years, in line with the growth achieved at Samuelsohn after it was acquired by Grano Retail Holdings in 2010. Granovsky also is CEO of Grano Retail Holdings.
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