(Bloomberg) -- Ralph Lauren Corp. agreed to sell its Club Monaco chain of clothing stores to private equity firm Regent LP as part of a broader overhaul of the apparel company's brands.
The transaction is expected to close by the end of June, according to a statement Thursday. Financial terms weren't disclosed, and a company spokesperson declined to comment.
The sale of Club Monaco, which specializes in high-end casual clothes, comes after Ralph Lauren said last year it would reevaluate its portfolio of brands. The company has also sought workforce reductions, a greater emphasis on e-commerce and other business shifts while grappling with the impact of the coronavirus pandemic on the apparel industry.
“As we increase our focus on our core namesake brands, we want to ensure the Club Monaco brand is also well-positioned for long-term success,” Patrice Louvet, Ralph Lauren's chief executive officer, said in the statement on Thursday.
Ralph Lauren's shares rose 2.1% at 9:40 a.m. in New York. The stock gained 23% this year through Wednesday's close.
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