Authentic Brands Group, the US owner of sports clothes marque Reebok and leisure wear maker Juicy Couture, has agreed to buy struggling British fashion group Ted Baker, the pair announced Tuesday.

ABG has struck a deal to buy the 35-year-old company for £211 million ($254 million).

Like other bricks-and-mortar businesses, Ted Baker has struggled in the face of fierce online competition before and during the Covid pandemic.

“Ted Baker is a highly regarded, uniquely British brand whose strong fashion credibility resonates with consumers around the world,” ABG chief executive Jamie Salter said in a statement.

“We are excited to build on the brand’s global foundation through a business model focused on licensing, wholesale, retail, digital and strategic marketing partnerships.”

Ted Baker shares surged 17 percent in London deals in a move that reflected the offer price.