Fashion Pioneer Joe Mimran and Partners Acquire Kit and Ace
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Kit and Ace has a new owner.
The Vancouver-based Canadian technical lifestyle apparel retailer was acquired for an undisclosed amount by Unity Brands, co-owned by Joe Mimran, David Lui and Frank Rocchetti.
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“We are delighted to embark on this exciting new journey as the proud owners of Kit and Ace,” Mimran said. “Kit and Ace is renowned for its everyday essentials that effortlessly combine style, durability, and versatility. We are committed to reinforcing the brand’s dedication to quality and fit, offering our guests products that inspire movement and empower individuals.”
According to Unity Brands, the new ownership team brings a “wealth of knowledge, industry expertise and a deep-rooted passion for the brand.”
The luxury performance brand was founded in 2014 by former Lululemon Athletica lead designer Shannon Wilson—wife of Lululemon founder Chip Wilson—and stepson J.J. Wilson. It opened its first store in July 2014 in Vancouver selling accessories as well as streetwear that features machine-washable cashmere wool. The Wilsons described the material as “technical cashmere,” a proprietary functional blend of 81 percent viscose, 9 percent cashmere and 10 percent elastane branded as Qemir.
Though Kit and Ace opened U.S., U.K. and Australian stores soon after it launched, it was forced to cut staff and close some popup shops to deal with poor performance. The brand closed non-Canadian locations in 2017 and focused on e-commerce before it was sold in 2018 to then-CEO George Tsogas. Under his ownership, the brand adopted a new ethos and tag line: Smart (technical, functional, versatile), Easy to Love (comfort and style) and Made to last (timeless quality vs. fast and trendy).
Tsogas will take on the role of chief operating officer. Lui , who has 25 years’ experience as a senior retail executive, will become CEO in charge of brand growth, operations, marketing, e-commerce, finance and logistics from the Vancouver office.
“This new chapter will allow us to amplify Kit and Ace’s creative vision, providing significant opportunities to expand the brand’s retail stores and e-commerce presence,” Lui said. “Customers can expect to see the brand take center stage with compelling brand campaigns and a stronger online presence.”
Product design and development will relocate to Toronto and be managed by Mimran’s creative design center. Mimran, who founded or co-founded brands from Club Monaco to Joe Fresh, recently transformed the Canadian brand Tilley with help from Rocchetti. Senior merchant roles at Sears and Loblaws highlight the resume of Rocchetti, who has overseen apparel development at Coles Australia and Kroger U.S.
