A rise of 54.40% or $1.05, has been reported in Xcel Brands Inc. (NASDAQ: XELB) for Monday’s trading session. While the Xcel Brands stock price peak was recorded at $4.15, the lowest point of the day was $2.14.
As per data provided by Barchart, XELB closed at $2.98 in the previous session, with trading volume recorded at 128.04 million. XELB stock surged because of its recent acquisition of a very popular brand.
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What does the XELB have acquired?
Xcel Brands is a media and consumer product company focused on the creation of original branded products as well as the production, marketing, and distribution of wholesale products. Products of XELB include footwear, jewelry, home goods, apparel, accessories, and other goods of a consumer lifestyle, and investments in dynamic consumer lifestyle brands. Over $3BB US worth of retail sales has been achieved by XELB through live streaming on television.
April 5, 2021 /PRNewswire/ —
It was announced yesterday that Xcel Brands has entered into an agreement to acquire the Lori Goldstein brands, which include LOGO by Lori Goldstein.
- With the acquisition, the popular brand will be enhanced by adding new products and categories and managing the business by adding new channels including Live streaming, e-commerce, and direct-response TV.
- In 2009, after LOGO by Lori Goldstein launched and became profitable, the business was redesigned to bring style to the masses.
- With a retail sales volume exceeding $1.5 billion, the brand offers a wide range of clothing, such as activewear, outerwear, casual womenswear, eyewear and jewelry.
- The acquisition also includes product redesigns to stimulate growth as well as expanding the material business throughout multiple channels for distribution, as well as by working with the partners to develop a platform to materialize business.
How does XELB gain from the acquisition?
In joining forces with the LEGO brand, Xcel Brands (XELB) plans to offer a range of products to their female clientele by using the stylist turned designer’s expertise to listen, connect to, and design for women worldwide. XELB will see high-growth potential under the LOGO brand with this acquisition.