On January 23, Authentic Brands Group (ABG) announced that it has taken the American denim brand Guess private. For Guess, which marks its 45th anniversary this year, the transaction represents a turning point that redefines both its ownership structure and operating model.
Under the deal, ABG has acquired a controlling 51% stake in Guess’s intellectual property. The remaining 49% continues to be held by existing shareholders, including the founding Marciano family and Chief Executive Officer Carlos Alberini.
Meanwhile, the operating company remains 100% owned by the current management team, with day-to-day business operations continuing under the existing structure.
By separating ownership of brand IP from operational execution, the structure is designed to combine ABG’s strength in maximizing brand value with the continuity of management and creative leadership that Guess has cultivated over decades.
Scale and Impact
Guess currently generates approximately $6 billion in global retail-equivalent sales. With this acquisition, the brand becomes the second-largest in ABG’s portfolio, following Reebok, lifting ABG’s total annual retail-equivalent sales to roughly $38 billion worldwide.
Guess’s global headquarters will remain in Switzerland, continuing to oversee design, creative direction, and distribution on a global scale. While preserving the brand’s DNA, the company is expected to pursue growth strategies leveraging ABG’s infrastructure and global network.
Jamie Salter, Founder, Chairman, and CEO of Authentic, commented on the transaction: “What makes Guess? compelling is the strength of the foundation already in place, from its exceptional leadership and iconic heritage to its vast network of licensing partners around the world. Guess? is one of the rare global brands that has built extraordinary awareness and continued to evolve while staying true to its DNA. The brand’s legacy and the perseverance behind it are a true credit to Paul, Maurice and the entire Guess? team, and we’re honored to partner with them to accelerate this next phase of growth.”
A New Phase Envisioned by Founders and Management
Guess Co-Founder and Chief Creative Officer Paul Marciano reflected on the brand’s 45-year journey, stating that Guess has grown into a global fashion leader and that partnering with Authentic’s proven platform and portfolio will enable the brand to build on its strong foundation and move to the next level.
Authentic President Matt Maddox also pointed to the brand’s expansion potential, noting: “Through Authentic’s proven brand-building platform, Guess? will gain access to opportunities and environments where consumers have yet to experience the brand. This includes a scaled platform to support category and geographic expansion, studio-led content development and immersive live experiences that deepen consumer connection. This is an exciting time to be part of Authentic, and we are thrilled to welcome Guess? to our portfolio.”
In addition, Guess CEO Carlos Alberini explained that becoming a private company allows the brand to focus more fully on long-term priorities, including enhancing customer experience and strengthening brand partnerships. With Authentic’s backing, Guess gains greater flexibility and additional resources to unlock new growth opportunities.
ABG’s Evolving Brand Ownership Model
ABG has long employed an IP-centric ownership model across a wide range of brands, including Brooks Brothers, Forever 21, Nautica, Aéropostale, and Juicy Couture. In these cases, ABG owns the brand’s intellectual property, while product development, retail operations, and regional expansion are handled by external partners or operating entities.
Many of these brands entered ABG’s portfolio following periods of financial distress or restructuring, positioning the model primarily as a tool for brand revival. While the separation of IP ownership and operations offers speed and scalability, it has also raised questions around brand consistency and long-term value creation.
Against this backdrop, the Guess transaction carries a different significance. With the founding family and current management remaining at the core of operations while entrusting a majority stake in the brand’s IP to ABG, the deal signals an evolution of the model—from a restructuring mechanism to a growth strategy for mature, heritage brands.
How Guess unfolds under this structure will likely serve as a case study for how legacy fashion brands can reposition themselves for renewed growth, and the industry will be watching closely.
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