Generation Tux Acquires Menguin for $25 Million
Generation Tux, the online suit and tuxedo rental company formerly known as Men’s Wearhouse, today announced it has completed the acquisition of Menguin for $25 million.
Menguin, founded in 2011, is another online suit and tuxedo rental company. It had previously raised $1.19 million from a bevy of individual investors.
“We built Generation Tux to be the ultimate high-tech, high-touch clothing rental experience,” said George Zimmer, founder of Generation Tux. ”Menguin’s digital marketing and entrepreneurial leadership sparked my interest; upon meeting, it became clear that we could do more together than apart.”
According to the official announcement, 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.
