Apparel brand Guess and brand management firm WHP Global have agreed to acquire New York-based fashion company Rag & Bone.

Guess will contribute $56.5 million for the acquisition, which is expected to close in the first quarter of fiscal 2025.

Under the agreement, Guess will acquire all Rag & Bone’s operating assets while Guess and WHP Global will jointly acquire the intellectual property.

Rag & Bone currently has 34 stores in the US and two stores in the UK. Its products are also available in high-end boutiques, department stores, and online retailers globally.

“Guess has an incredible platform with a strong global distribution network and outstanding licensee partners that will enable us to power the growth and expansion of the Rag & Bone business,” said Guess CEO Carlos Alberini.

“The acquisition of Rag & Bone aligns us with powerful partners and grows WHP Global’s portfolio to over $7.5 billion in retail sales across 11 brands,” said WHP Global chairman and CEO Yehuda Shmidman.