In a significant move within the fashion retail industry, ASI Holdco, LLC, the parent company of Ashley Stewart, has announced its intention to sell a majority stake to Kinbow LLC. This strategic partnership is expected to be finalized by the end of March 2024.
Ashley Stewart, a prominent retailer known for its wide range of apparel, intimates, and accessories catering to women sizes 10 to 36, is poised to continue its operations seamlessly post-acquisition. Kinbow, under the leadership of Ram Ajjarapu, aims to uphold the brand’s legacy while exploring avenues for expanding its fashion offerings.
While the deal is still under negotiation, the Letter of Intent reflects a shared vision for the future of Ashley Stewart, with Kinbow planning to retain all existing stores and the e-commerce platform.
Commenting on their prospective acquisition of a majority stake in Ashley Stewart, Ram Ajjarapu, Executive Director of Kinbow, said, “We are excited about the opportunity to partner with this iconic retailer. As an accomplished apparel and accessories manufacturer with proven experience in developing quality affordable fashion, we expect to continue the heritage of the Ashley Stewart brand and look for opportunities to expand the on-trend fashion offerings that the company’s loyal customers have come to expect.”