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🔀 Ownership Flow

Scroll to watch mall brands merge, split, and get swallowed — decade by decade
Founded
IPO
Acquisition
Merger
Spinoff
Sold
Bankruptcy
1826–1962
The original department stores and mall brands are founded as independent companies
Founded

Lord & Taylor

The oldest department store in America opens in Manhattan.
1826 · New York City
Founded

Macy's

Rowland Macy opens a dry goods store on 14th Street. The red star logo comes from a tattoo he got as a sailor.
1858 · New York City
Founded

Sears, Roebuck & Co.

Starts as a mail-order watch company. Becomes America's largest retailer.
1893 · Chicago
Founded

J.C. Penney

James Cash Penney opens "The Golden Rule" store in Kemmerer, Wyoming. Population: 1,000.
1902 · Wyoming
Founded

Nordstrom

John Nordstrom uses Alaska Gold Rush money to open a shoe store in Seattle.
1901 · Seattle
Founded

Kmart

S.S. Kresge Company opens first Kmart discount store in Garden City, Michigan.
1962 · Detroit
Founded

The Limited

Les Wexner, 26, opens a women's clothing store with $5,000 borrowed from his aunt.
1963 · Columbus, OH
Founded

Gap

Don Fisher opens a store selling Levi's jeans and records near San Francisco State University.
1969 · San Francisco
1970s–1980s
Mall empires emerge. Founders become conglomerates. Les Wexner builds L Brands.
Acquisition

Wexner Buys Victoria's Secret

Les Wexner buys a struggling lingerie chain from Roy Raymond for $1 million. Transforms it into a $7B brand.
1982 · $1M
The LimitedVictoria's Secret
Acquisition

Gap Acquires Banana Republic

Gap buys the safari-themed travel clothing company. Transforms it into upscale workwear.
1983 · $18M
GapBanana Republic
Acquisition

Wexner Buys Abercrombie & Fitch

A&F was a failing hunting/safari outfitter. Wexner turns it into a teen mall powerhouse.
1988 · $47M
The LimitedVictoria's SecretAbercrombie & FitchExpressLane Bryant
Founded

Bath & Body Works Launches

Wexner creates B&BW as a new brand under The Limited umbrella. Candles will save this empire.
1990 · Columbus, OH
1990s
Mall empires at maximum power. IPOs everywhere. Gap launches Old Navy. The last golden decade.
Founded

Old Navy Launches

Gap creates a discount brand to compete with Target. Opens 500 stores in 4 years. Becomes Gap's biggest brand.
1994 · San Francisco
GapBanana RepublicOld Navy
Spinoff

Wexner Spins Off Abercrombie & Fitch

A&F IPOs as independent company. Mike Jeffries takes over. Becomes the most controversial teen brand in America.
1998 · IPO
Abercrombie & Fitch → Independent
IPO

Simon Property Group Goes Public

The largest mall REIT in America. Owns the buildings that house everyone else on this chart.
1993 · Largest Mall REIT
2000s
Amazon rises. The first mergers are defensive. Sears + Kmart = disaster. Nike buys Converse.
Acquisition

VF Corp Acquires The North Face

Glove company buys outdoor brand for $25M. Today it generates $3.7B/year. Best acquisition in retail history?
2000 · $25M
WranglerLeeThe North Face
Mega-Merger

Kmart + Sears = Sears Holdings

Eddie Lampert's hedge fund buys Kmart from bankruptcy ($1B), then merges with Sears. Combined: $55B. He strips both for real estate. 250,000 jobs will be lost.
2005 · $11B combined
SearsKmartKenmoreCraftsmanDieHard
Acquisition

Nike Acquires Converse

Nike buys the original sneaker brand for $309M. Today Converse generates $2.4B/year under Nike.
2003 · $309M
Acquisition

Adidas Acquires Reebok

German giant buys the 80s American champion to better compete with Nike. Will sell it 15 years later at a loss.
2006 · $3.8B
Acquisition

VF Corp Acquires Vans

Vans goes from $396M acquisition to $4.2B peak revenue. Skateboarding goes mainstream.
2004 · $396M
North FaceVansWranglerLee
2010s
Private equity feasts on dying brands. Lampert strips Sears. VF buys Timberland and Supreme. Tapestry and Capri form.
Acquisition

VF Corp Acquires Timberland

The yellow boot joins the VF empire. $2B price tag for a brand that defined 90s hip-hop fashion.
2011 · $2B
North FaceVansTimberland
Sold

Lampert Sells Craftsman

Sears' beloved tool brand sold to Stanley Black & Decker. The asset stripping accelerates.
2017 · $900M
SearsKmartCraftsman → StanleyKenmore
Acquisition

Coach Buys Kate Spade → Becomes Tapestry

Coach acquires Kate Spade for $2.4B, renames itself Tapestry Inc. "Accessible luxury" conglomerate born.
2017 · $2.4B
CoachKate SpadeStuart Weitzman
Acquisition

Michael Kors Buys Versace → Becomes Capri

American accessible luxury buys Italian high luxury. Renames to Capri Holdings.
2018 · $2.1B
Michael KorsVersaceJimmy Choo
Spinoff

VF Corp Spins Off Wrangler & Lee

Denim brands become Kontoor Brands. VF focuses on "outdoor and active" portfolio.
2019 · New: Kontoor Brands
Wrangler → KontoorLee → Kontoor
Bankruptcy

Sears Holdings Files Chapter 11

After 125 years, Sears files bankruptcy. Lampert buys remnants for $5.2B via Transformco. 250,000 jobs lost over the decline.
2018 · From $55B → Bankruptcy
Sears (3,500→180)Kmart (2,171→200)
2020–2025
COVID kills malls. ABG buys every dead brand. Simon Property buys its own tenants. The zombie brand era.
Acquisition Spree

ABG Buys Brooks Brothers, Forever 21, Aéropostale

Authentic Brands Group scoops up three bankrupt mall staples in one year. Strips retail, licenses the names.
2020 · ~$400M total
Brooks BrothersForever 21AéropostaleNauticaNine WestBarneys NY
Acquisition

Simon Property Buys JCPenney

The mall landlord buys its own anchor tenant out of bankruptcy. When your landlord has to buy you to keep the lights on, that's peak retail apocalypse.
2020 · $1.75B (with Brookfield)
Acquisition

VF Corp Buys Supreme

The streetwear grail bought at the peak of hype. VF pays $2.1B. Will sell it 4 years later for $1.5B. Loses $600M.
2020 · $2.1B
Spinoff

L Brands Spins Off Victoria's Secret

After the Epstein scandal and cultural backlash, Wexner steps down. VS becomes independent. L Brands renames to Bath & Body Works Inc.
2021 · Wexner era ends
Victoria's Secret → IndependentBath & Body Works (sole survivor)
Sold

Adidas Sells Reebok to ABG

Bought for $3.8B in 2006. Sold for $2.5B in 2022. Reebok joins ABG's zombie brand collection.
2022 · $2.5B (lost $1.3B)
Bankruptcy

Express Files Chapter 11

The mall staple spun off from L Brands in 1999 finally dies. WHP Global acquires the brand. Physical retail continues to shrink.
2024 · Closes 100+ stores
Sold

VF Corp Sells Supreme

Bought for $2.1B. Sold to EssilorLuxottica for $1.5B. VF stock down 70% from peak. The hype bubble popped.
2024 · $1.5B (lost $600M)
Bankruptcy

Lord & Taylor Closes Forever

America's oldest department store (est. 1826). 195 years of retail history ends. Building sold to Amazon. Peak irony.
2021 · 0 stores remain

🏢 The Final State: Who Owns What (2025)

Authentic Brands Group

$32B in licensed retail sales · 10+ brands · The zombie brand factory
ReebokBrooks BrothersForever 21 Barneys New YorkAéropostaleNautica Nine WestEddie BauerJuicy Couture Sports Illustrated

Transformco (Lampert)

~$500M revenue · Dying
Sears (12 stores)Kmart (2 stores) Kenmore Craftsman → sold to Stanley ($900M) DieHard → sold to Advance Auto ($200M) Lands' End → spun off

VF Corporation

$11.6B revenue · Struggling · Stock -70%
The North Face ($3.7B)Vans (declining) TimberlandDickies Supreme → sold at loss Wrangler/Lee → spun off as Kontoor

Simon Property Group

$5.7B revenue · 196 malls · Bought its own tenants
JCPenney (co-owns)Aéropostale (co-owns) Brooks Brothers (co-owns)Forever 21 (co-owns) Lucky Brand

Bath & Body Works Inc. (L Brands legacy)

$5.8B revenue · The sole survivor of Wexner's empire
Bath & Body Works (1,850 stores) Victoria's Secret → spun off The Limited → closed 2017 Express → bankrupt 2024 A&F → spun off (thriving again) Lane Bryant → sold

Gap Inc.

$14.9B revenue · Old Navy carries the company
Old Navy ($8B)Gap ($3.5B, declining) Banana Republic ($2B)Athleta (growing)

Tapestry · Capri · Nordstrom · Dillard's

Still independent. Still surviving.
Coach + Kate Spade (Tapestry) Michael Kors + Versace + Jimmy Choo (Capri) Nordstrom (~350 stores, going private 2025) Dillard's (~250 stores, quiet survivor)