11:27 AM EDT, 04/03/2024 (MT Newswires) -- Guess? (GES) and brand management firm WHP Global said Wednesday they closed their acquisition of New York-based fashion brand rag & bone.

Guess? contributed $57.1 million towards the acquisition, in addition to contributions from WHP. Guess? fully owns rag & bone's operating assets, while Guess? and WHP jointly own the business' intellectual property, they said.

Guess? increased the borrowing capacity under its asset-based revolving credit facility by $50 million to a total of $200 million.

The company's shares were up 2.4% in recent trading.

Price: 31.89, Change: +0.74, Percent Change: +2.38