UPDATE 2-WHP Global valued at $1.6 billion after investment test

March 8 (Reuters) - WHP Global said on Wednesday its valuation rose to $1.6 billion after the New York-based brand management firm raised fresh capital from funds managed by the private equity unit of Ares Management Corporation.

WHP Global, which was founded in 2019 by retail industry veteran Yehuda Shmidman in partnership with funds managed by Oaktree Capital Management, acquires global consumer brands and invests in high-growth distribution channels including digital commerce platforms.

The company received $375 million in equity investment from Ares and said proceeds from the transaction would help with future mergers and acquisitions.

WHP Global owns brands such as Anne Klein, Joseph Abboud, Toys"R"Us, Lotto and a 60% interest in fashion apparel retailer Express Inc. Its brands have generated more than $6.5 billion in global retail sales across fashion, hardgoods and athletic verticals.

As part of the deal, Ares Private Equity Group partners Jordan Smith and Aaron Rosen will join WHP Global's board of directors. (Reporting by Mehnaz Yasmin in Bengaluru Editing by Vinay Dwivedi)