From the mall runways of the 90s to the boardrooms of Wall Street, Guess has always been a brand with flair. But now, it’s making headlines for a very different reason. The fashion retailer has agreed to a $1.4 billion deal to go private, backed by Authentic Brands and its own co-founders.

What does this mean for shareholders cashing out, for the company’s future strategy, and for an industry under pressure?

Dan Koh and Audrey Siek dissect the latest take-private deal, breaking down what’s on the table, why it’s happening now, and how to read between the seams of this high-stakes fashion move.