Ownership profile
Who owns Express?
Express is now privately owned by PHOENIX RETAIL LLC, a joint venture formed in 2024 by brand management firm WHP Global (itself backed by private equity firms Ares Management and Oaktree Capital Management) alongside mall owners Simon Property Group, Brookfield Properties, and Centennial Real Estate, who collectively acquired Express out of Chapter 11 bankruptcy for approximately $172 million.
Ownership profile
Express
PHOENIX RETAIL LLC
Evidence (10)
PHOENIX RETAIL LLC now operates all retail and ecommerce in the United States for both Express and Bonobos, including over 450 physical stores.
https://www.prnewswire.com/news-releases/phoenix-closes-acquisition-of-retail-operating-assets-from-express-inc-302182394.htmlThe bankruptcy court approved the asset purchase agreement on June 14, 2024, and the sale transaction was consummated on June 21, 2024, for a total purchase price of approximately $172 million ($134 million cash + $38 million assumed liabilities).
https://www.marketscreener.com/quote/stock/EXPRESS-INC-6200178/news/Phoenix-Retail-LLC-acquired-Retail-Operating-Assets-of-Express-Inc-for-approximately-170-million-47287224/PHOENIX RETAIL LLC was formed in 2024 by WHP Global, an affiliate of Simon Property Group, Brookfield Properties, and Centennial Real Estate to acquire the Express Retail Company and operate Express & Bonobos direct-to-consumer businesses in the United States.
https://www.prnewswire.com/news-releases/phoenix--new-joint-venture-led-by-whp-global--receives-court-approval-to-acquire-operations-of-express-retail-company-302173312.htmlSimon Property Group (NYSE: SPG) is a publicly traded REIT; it is a co-owner of PHOENIX RETAIL LLC but is not a private equity firm.
https://www.prnewswire.com/news-releases/phoenix--new-joint-venture-led-by-whp-global--receives-court-approval-to-acquire-operations-of-express-retail-company-302173312.htmlExpress filed for Chapter 11 bankruptcy on April 22, 2024, in the U.S. Bankruptcy Court for the District of Delaware, along with all affiliated subsidiaries.
https://cases.stretto.com/express/WHP Global was founded in 2019 by Yehuda Shmidman together with funds managed by Oaktree Capital Management, L.P.
https://www.prnewswire.com/news-releases/whp-global-receives-375-million-equity-investment-from-ares-management-at-1-6-billion-valuation-to-fuel-next-phase-of-growth-301765345.htmlIn March 2023, WHP Global received a $375 million equity investment from funds managed by the Private Equity Group of Ares Management Corporation, valuing WHP Global at $1.6 billion; as part of the deal, Ares PE Group partners joined WHP Global's Board of Directors.
https://www.prnewswire.com/news-releases/whp-global-receives-375-million-equity-investment-from-ares-management-at-1-6-billion-valuation-to-fuel-next-phase-of-growth-301765345.htmlAres Private Equity Group and Oaktree Capital Management are confirmed investors in WHP Global.
https://pitchbook.com/profiles/company/277192-45Former New York & Co. CEO Greg Scott was appointed CEO of Express and Bonobos owner Phoenix, effective February 19, 2025.
https://www.fashiondive.com/news/former-new-york-co-ceo-express-bonobos/739901/Prior to bankruptcy, Express was a publicly traded company (NYSE: EXPR) for over a decade after its 2010 IPO, with Golden Gate Capital (PE) as an early backer that subsequently divested completely by March 2012.
https://en.wikipedia.org/wiki/Express,_Inc.What's uncertain
- The precise equity split among PHOENIX RETAIL LLC's JV partners (WHP Global, Simon, Brookfield, Centennial) has not been publicly disclosed; relative control of WHP Global vs. real estate partners within the JV is unverified.
- PE involvement is scored as 'influenced' rather than 'controlled' because Ares/Oaktree's PE stakes are in WHP Global (the lead JV partner), not directly in Express or PHOENIX RETAIL LLC. The degree of indirect PE control over Express operations is uncertain.
- Oaktree and Ares' estimated combined ownership of >80% of WHP Global (per one secondary source) could not be confirmed from primary filings; treat this figure with caution.
- Simon Property Group CEO reportedly stated that the Express buyout required 'no capital' from Simon, suggesting WHP Global may be the dominant economic partner, but stake sizes remain unconfirmed.
- EXP OldCo Winddown, Inc. (formerly Express, Inc.) continues to exist as a wind-down entity with no operations; the active brand is now operated by PHOENIX RETAIL LLC.
- All ownership information reflects the post-bankruptcy state as of June 2024; any subsequent stake transfers or JV restructurings after that date could not be verified.