Caleres acquires Vionic for $360 million
American footwear company Caleres announced it has acquired Vionic Group for $360 million.
Vionic, a shoe brand which focuses on creating supportive footwear, reported sales of approximately $180 million over the past 12 months. In addition, the brand said approximately 25 percent of sales were derived from e-commerce, with international sales comprising approximately eight percent of total sales.
Caleres said this new addition to their portfolio will give the company "additional access to the growing contemporary comfort footwear category."
“The acquisition of Vionic is another fantastic opportunity to add a growing brand – with strong consumer loyalty and a solid cultural fit – to our brand portfolio,” said Diane Sullivan, CEO, president and chairman of Caleres. “The brand has already proven to be a disruptive addition to the industry, as the dynamic Vionic team has blended proprietary technology with comfort and style. We’re looking forward to...sharing our extensive infrastructure, including our expertise in product design, brand development and global sourcing.”
The acquisition of Vionic Group is being funded through the Caleres’ revolving credit agreement. Wells Fargo Securities acted as the exclusive financial advisor to Caleres for the acquisition, while Robert W. Baird & Co. acted on behalf of Vionic Group.
Caleres said it will release further information regarding this new acquisition during its third quarter 2018 earnings conference call, and will host an investor event at the Vionic showroom in New York on December 4.
Copyright © 2023 FashionNetwork.com All rights reserved.