Generation Tux, an online suit and tuxedo rental company founded by menswear legend George Zimmer, formerly of Men’s Wearhouse, has announced that it has completed the acquisition of 4-year-old Menguin for $25 million. By combining forces, Generation Tux and Menguin will now own the market by providing best-in-class experience and quality in the online formal menswear rental category.
The announcement comes at the exact time when Menguin was experiencing three years at an 800 percent compound annual growth rate, a key reason it caught the attention of Generation Tux’s chairman and CEO, George Zimmer.
“I’ve always known a good suit when I’ve seen one, just as I’ve always known a good investment when it comes my way,” stated Zimmer. “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.”
Acquiring Menguin is part of Generation Tux’s larger e-commerce strategy to strengthen its technological foothold and establish market dominance in the industry of online tux rentals.
The two companies will continue to operate as separate brands under the holding company, Gen Tux, Inc., while leveraging their combined operational, technological, fashion and fulfillment prowess to deliver an unparalleled level of customer service marked by better inventory, more styles and availability, and increased customization and flexibility.
By Lolita Alford