The price paid for the clothing retailer by Unity Brands Inc., which is owned by Mimran and veteran retail executives David Lui and Frank Rocchetti, was not disclosed.Meanwhile, Kit and Ace's product design and development will relocate to Toronto where it will be managed by Mimran's creative design centre.
Kit and Ace was founded in 2014 by Shannon and J.J. Wilson — the wife and son of Lululemon Athletica Inc. founder Chip Wilson. George Tsogas acquired the retailer from Wilson's family in 2018. He will remain with the company and assume the role of chief operating officer.
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