Michaels Completes Acquisition of Joann's Intellectual Property and Fan-Favorite Labels

By Editorial Team

Michaels, the well-known arts and crafts retailer, has finalized its acquisition of Joann's intellectual property and private label brands. This strategic move comes as Michaels aims to enhance its fabric, sewing, and yarn offerings, expanding its market presence.

The acquisition includes the transfer of craft labels from Joann, a former fabrics seller, to Michaels. Among the acquired assets is the popular "Big Twist" yarns, a staple in Joann stores for years.

David Boone, CEO of Michaels, expressed excitement about welcoming former Joann customers into their creative community. He stated, "We're honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels."

With Joann's roots tracing back to a single Ohio store in 1943, the brand had become a go-to destination for sewers, quilters, knitters, and craft enthusiasts for over 80 years. However, operational challenges, including sluggish consumer demand and rising competition, led Joann to announce its closure earlier this year.

Following the acquisition, Michaels plans to integrate the acquired labels, including "Big Twist," into its product portfolio. These products will be made available both in-store and online later this year. Michaels has also launched a landing page to welcome former Joann customers to their online platform.

As part of its expansion into fabrics, Michaels is introducing over 600 new products from various brands, encompassing quilting supplies, fabrics, specialty threads, sewing machines, and more.

Michaels, founded in 1973, operates 1,300 stores across 49 U.S. states and Canada. The company's parent entity also owns Artistree, a framing merchandise manufacturer.

This acquisition marks a significant development in the arts and crafts retail sector, with Michaels poised to leverage Joann's intellectual property and labels to enhance its offerings and cater to a broader customer base.