US-based online suit and tuxedo rental company Generation Tux has completed the acquisition of Menguin for $25m.
Aiming to consolidate Generation Tux's position in the online formal menswear rental market, the acquisition is in line with the company’s e-commerce strategy.
Generation Tux chairman and CEO George Zimmer said: “We built Generation Tux to be the ultimate high-tech, high-touch clothing rental experience.
"Menguin’s digital marketing and entrepreneurial leadership sparked my interest. Upon meeting, it became clear that we could do more together than apart.”
Menguin president Justin Delaney said: “When George first approached us about marrying the entrepreneurial spirit and marketing technology of Menguin with the back-end technology, brand legacy, and menswear expertise inherent in the Generation Tux name, we immediately embraced his vision for the union.
“Together, we are well-positioned to become the singular, dominant player in the online formal menswear rental category.”
Expected to continue operating as separate brands under holding company Gen Tux, the firms intend to utilise their combined operational, technological, fashion, and fulfilment expertise to deliver an improved customer service characterised by better inventory, styles, and availability, as well as enhanced customisation options.
Image: Generation Tux chairman and CEO George Zimmer. Photo: courtesy of Business Wire.