"We are delighted": Fashion giant Joe Mimran buys Vancouver's Kit and Ace

Vancouver-based apparel company Kit and Ace has new ownership and it includes fashion powerhouse Joe Mimran, the man behind Joe Fresh.

Mimran, along with David Lui and Frank Rocchetti, bought under their company Unity Brands. The move promises to propel Kit and Ace “into a future marked by enhanced strategic initiatives, expanded market presence, amplified brand campaigns, elevated product offerings, and increased investment in resources.”

“We are delighted to embark on this exciting new journey as the proud owners of Kit and Ace,” said Mimran, the well-known designer and entrepreneur who is also behind other brands like Club Monaco.

“Kit and Ace is renowned for its everyday essentials that effortlessly combine style, durability, and versatility. We are committed to reinforcing the brand’s dedication to quality and fit, offering our guests products that inspire movement and empower individuals,” Mimran added.

The acquisition was made public on Wednesday, but the price was not disclosed.

The new CEO will be David Lui, who has worked with Esprit, The North West Company, Mark’s, SportChek, and Korite. He will remain based in Vancouver’s head office, however, the product design and development team will be moving to Toronto.

Kit and Ace’s Chinook Centre location in Calgary/Kit and Ace

Lui was named one of Business in Vancouver’s Forty under 40 and has ranked among the top CEOs in the world in a global list.

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Kit and Ace was launched in 2014 by Shannon and JJ Wilson, Lululemon founder Chip Wilson’s wife and son. In 2017, the company said it would be reducing its head office staff and closing its showrooms in the US, Australia, and the UK. In 2018, the company sold its “technical cashmere” clothing brand to the company’s then-CEO, George Tsogas.

Kit and Ace

Now that Lui has taken over as CEO, Tsogas will remain in the company as the chief operating officer.

Kit and Ace currently has several Canadian shops in Vancouver, Calgary, Toronto, and Oakville.