Differential Brands Group renamed itself Centric Brands and hired a new CEO as it completed the $1.38 billion acquisition of Global Brands Group’s (GBG) children’s and fashion accessories businesses.

Centric will be headed by former GBG North America President Jason Rabin, who replaces Michael Buckley, who left the company on Monday. As GBG closed on the sale, it also shuffled management. Former LF Americas Executive Director Rick Darling was named CEO, replacing Bruce Rockowitz, who will continue as non-executive chairman.

Newly formed Centric will have $2.3 billion in annual revenue, $2 billion of which comes from GBG. The combined company brings together Differential’s Hudson, Robert Graham and Swims brands with GBG’s long-term licenses for Calvin Klein, Under Armour, Tommy Hilfiger and Joe’s Jeans. It also brings the GBG Kids North American business.

The combination makes Centric “more of a vertical operation with the ability to share knowledge, best practices, infrastructure and talent across the entire organization,” Rabin said in a statement. Centric will have access to Li and Fung for manufacturing and while the next several months will be spent integrating the companies, it will also “look at ways to add brands to our portfolio” through new licenses and acquisitions, Rabin said.

For GBG, the sale will create a “much simpler organization” of men’s and women’s fashion brands, including Juicy Couture, Spyder, Jones New York, Kenneth Cole, Frye and others. It will retain businesses in Europe and Asia as well as its interest in the CAA-GBG brand management business with Creative Artists Agency, and have $1.8 billion in annual revenue.

GBG received $1.2 billion in cash from the sale to Differential, a large portion of which will be used to repay debt incurred when it was spun off from Li and Fung in 2014. GBG had $1.1 billion in debt as of March 31.

Contact:

Centric Brands, Jason Rabin,  CEO, 323-890-1800

Global Brands Group, Rick Darling, CEO, 646-839-7000, rickdarling@globalbrandsgroup.com