US-based women’s apparel chain New York & Company has signed an agreement to acquire certain assets of plus-size fashions retailer Fashion to Figure.

The agreement comprises intellectual property rights related to the Fashion to Figure brand for $1.4m.

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The assets will initially be acquired by TFT Acquisition, which placed the winning bid at an auction conducted by Fashion to Figure as part of its ongoing reorganisation under Chapter 11 of the US Bankruptcy Code.

New York & Company will subsequently acquire the assets by in the fourth quarter of this fiscal year.

“We see an opportunity to enter into an underserved and growing segment of the women’s apparel market.”

New York & Company CEO Gregory Scott said: “We are excited to expand into the plus business with the acquisition of Fashion to Figure’s intellectual property, as we believe that the business the Kaplans built has true brand potential and has a brand platform that is compatible with New York & Company.”

“We believe Fashion to Figure has strong name recognition with the plus-size consumer and a very loyal consumer base, with a database of approximately 500,000 customers, that we believe we can effectively leverage to grow the brand, particularly online, to drive profitable future growth.

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“We see an opportunity to enter into an underserved and growing segment of the women’s apparel market.”

The acquisition is set to benefit from the combination of Fashion to Figure’s brand equity and expertise in the plus-size segment with New York & Company’s operational expertise, omnichannel capabilities and digital business.

Operating a chain of 459 retail stores, New York & Company expects to reintroduce the Fashion to Figure brand next year.