NEW YORK — Susan Bristol, a better sportswear company, has new ownership after 35 years in business.
Art Henkens, who joined the Boston company 10 months ago as vice chairman, has acquired it with Capital Factors, which is providing the financing for receivables and inventory financing. Terms of the deal were not disclosed.
“We’re going to do a lot of brand enhancement…We consider ourselves a lifestyle brand,” Henkens said.
Susan Bristol’s annual volume is between $50 million and $75 million, said Henkens, the president and chief executive officer.
Henkens purchased the company from its founders, Robert Lurie and Leonard Axlerod, both of whom have retired. Lurie and Axlerod came up with what they thought was a New England-sounding name, Susan Bristol, and specialized in embellished sweaters. While still considered primarily a knitwear resource, Susan Bristol’s knitwear business accounts for just 25 percent of its annual sales, Henkens said.
The brand has branched out into casual and career sportswear and is pursuing other categories, such as sleepwear, through a licensing deal with Pacific Continental Apparel. Henkens is looking into licensing handbags, scarves and small leather goods.
With a retail-heavy background, Henkens, a former ceo of Frederick & Nelson in Seattle, is also exploring opening freestanding Susan Bristol stores. The label is sold in 1,000 U.S. specialty and department stores.
About a year ago, the company changed direction and developed more youthful looks, shifting from bread-and-butter classics. That was not a winning strategy with the brand’s Baby Boomer customer base.
“We got off track and went a little young and contemporary, which, I don’t know why, is what everyone in the world is doing,” Henkens said.
Known for color, embellishment and embroidery, Susan Bristol has renewed its commitment to design. About 20 of the company’s 110 employees work in design.