Clothing retailer Kit and Ace bought by company co-owned by Joe Mimran

The Toronto Queen St. W. location of Kit and Ace is seen in this undated photo provided to The Canadian Press

Kit and Ace Technical Apparel Inc. has been bought by a company co-owned by Canadian fashion designer and entrepreneur Joe Mimran.

The price paid for the clothing retailer by Unity Brands Inc., which is owned by Mimran and veteran retail executives David Lui and Frank Rocchetti, was not disclosed.

Under the deal, Lui will become CEO based at the company's head office in Vancouver.

Meanwhile, Kit and Ace's product design and development will relocate to Toronto where it will be managed by Mimran's creative design centre.

Kit and Ace was founded in 2014 by Shannon and J.J. Wilson - the wife and son of Lululemon Athletica Inc. founder Chip Wilson.

George Tsogas acquired the retailer from Wilson's family in 2018. He will remain with the company and assume the role of chief operating officer.