LOFT brand’s wide appeal attracts Ascena

ASCENA Retail Group, which runs Lane Bryant and Dressbarn women’s clothing stores, is to buy Ann Inc for $2.15bn (£1.3bn), primarily for the popular LOFT brand, which offers everyday fashion to a wide age group between 18 and 60.

LOFT will become Ascena’s largest brand, accounting for 22 per cent of the combined company’s revenue, and, along with Ann Taylor, will account for slightly more than a third of total revenue, according to a presentation on Ascena’s website.

The deal is expected to close in the second half of 2015, after which Ann stockholders will own about 16 per cent of Ascena.