The Globe and Mail reports in its Wednesday edition that Joe Mimran has bought Kit and Ace for an undisclosed sum. The Globe's Susan Krashinsky Robertson writes that Mr. Mimran is partnering with former Canadian Tire marketing executive David Lui, and Frank Rocchetti, a seasoned retailer who previously worked at companies such as Loblaw, Sears and Kroger. Mr. Mimran and Mr. Rocchetti also run investment firm Gibraltar & Co., and took over another Canadian retail brand, Tilley, in 2020. Mr. Lui previously led marketing efforts for Canadian Tire-owned chains Mark's, Sport Chek, Atmosphere and Sports Experts, before becoming chief executive officer of Canadian jeweller Korite International. The partners have acquired the business under a new holding company, Unity Brands Inc. Kit and Ace has four stores across Canada, which make up about 25 per cent of its sales with e-commerce accounting for the remainder. The brand sells on-line to Canada, the United States, Australia and New Zealand, and parts of Europe and Asia. The new owners hope to expand its presence, starting with two stores in Canada this year and at least two more planned for next year. Mr. Mimran created the cheap-chic Joe Fresh brand for Loblaw.