SCHUMER ANNOUNCES THAT SAMUELSOHN HAS FINALIZED THEIR PURCHASE OF HICKEY FREEMAN; DEAL WILL STRENGTHEN COMPANY, BRING NEW WORK JOBS TO ROCHESTER CREATE ONE OF THE LARGEST LUXURY APPAREL BRANDS MADE IN NORTH AMERICA
brSchumer Announced Likely Deal in May 2013 Announced Today That Deal With Samuelsohn Has Been Finalized Will Bring New Opportunity for Expansion, Boost CompanybrbrSamuelsohn, a Highly-Successful and Rapidly-Growing Suit Company, Is Looking to Keep Jobs and Add to Production at Rochester Plant Samuelsohn Makes High-End Suits Sold at Companies Like Nordstroms Plans to Do New Work in RochesterbrbrSchumer: Now Its Official Samuelsohn Will Work to Stabilize Strengthen Storied Rochester Company
Today, U.S. Senator Charles E. Schumer announced that Samuelsohn Limited, a premium menswear brand based in Montreal, has finalized its purchase of USbased Hickey Freeman, including its Rochester factory, from W. Diamond Group. Samuelsohn will enter into a 40year license agreement for the Hickey Freeman brand with Authentic Brands Group. Schumer said that, according to the company, Samuelsohn plans to bring new lines of business to the Rochester facility, preserving jobs, and potentially adding new ones. Schumer has long advocated for the stabilization and growth of Hickey Freeman, a longtime Rochester icon. Schumer spoke to Stephen Granovsky, coowner and CEO of Samuelsohn, in May 2013 to discuss the potential deal, and after investigating their plans Schumer highlighted that this highlysuccessful and rapidlygrowing company could bring more stability and growth opportunities to Hickey Freeman.
As part of the transaction, Samuelsohn CEO Stephen Granovsky, President and Chief Creative Officer Arnold Brant Silverstone and President and Chief Operating Officer Alan Abramowicz will expand their roles to include Hickey Freeman oversight and development. Stephen Granovsky will officially serve as the CEO of Hickey Freeman Tailored Clothing.
"I will always fight to strengthen and grow Hickey Freeman in Rochester and today I could not be more pleased to announce that Samuelsohn has finalized its acquisition of the historic brand that is Hickey Freeman and can now move forward with its plans to grow the brand over the longterm," said Senator Schumer. "This union - with Samuelsohn - buttons together two of the finest North American suit makers and will grow jobs and bring new work to Hickey Freeman's Rochester workforce in a way that I hope will stabilize and strengthen this storied Rochester institution for decades to come."
"We are very pleased with this transaction and look forward to building on the excellent working relationship we have had with Samuelsohn in Montreal to now grow jobs and add more work to the Hickey Freeman factory in Rochester. We now look forward to a bright future of stability and expansion of jobs in Rochester." said Gary Bonadonna Sr. Manager Rochester Regional Joint Board, Workers United.
Specifically, Samuelsohn believes it can grow Hickey Freeman by as much as fifty percent in the next three to five years, which is in line with the growth achieved at Samuelsohn after it was also acquired by Grano Retail Holdings in 2010. Since 2010, Stephen Granovsky reported to Schumer the Samuelsohn plant has increased employment by 30% and increased revenues by over 50% percent. Schumer noted that Samuelsohn has a welldeveloped sales channel, with a presence in over 250 North American department stores, including Neiman Marcus, Saks Fifth Avenue, and Nordstrom.
This deal will build on the proud, 114 year history of Hickey Freeman in Rochester and will provide opportunity for continued growth and expansion, according to Schumer. Under the deal, Authentic Brands would license the Hickey Freeman brand to Samuelson and would aim to bring the Rochester plant back to full operating capacity, which is not currently the case. Schumer highlighted that the union representing Hickey Freeman workers also represents the workers at Samuelsohn's Montreal factory, and that they support this deal and believe Samuelsohn will bring financial stability to the company and the workers. Samuelsohn's plan would be to add more work to the Rochester factory to stabilize its current 350 union workers, and they then intend to add more net jobs by growing the Hickey Freeman brand, expanding distribution, and potentially adding production for additional lines of business at the Rochester plant.
The deal will create one of the largest luxury apparel brands that is truly "made in North America," marking an incredible rate of growth for Samuelsohn - by next year the company is projected to be four times larger than it was in 2010. 2013 marks the 90 th Anniversary for the Samuelsohn brand, and Schumer attended the celebration of the milestone anniversary at the New York City reception in July during Market Week festivities.
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