Genesco closes acquisition of Togast, signs new footwear license with Levi's
Nashville, Texas-based footwear and accessories retailer Genesco Inc. announced on Friday that it has closed its purchase of Togast LLC and also entered into a new U.S. footwear license agreement with classic denim brand Levi’s.
Togast is an NYC-based company specialized in the design, sourcing and sale of licensed footwear.
First announced on December 18, the acquisition of Togast will see the Genesco footwear license portfolio expand to include brands such as G.H. Bass & Co., Adio and Fubu, among others.
To date, Genesco’s license portfolio has primarily consisted of the Dockers label, marketed under license from Levi Strauss & Co.
With the announcement of its new U.S. license for men’s, women’s and children’s footwear under the Levi’s brand, Genesco also reported that it has renewed and extended its men’s footwear license for the Dockers brand.
Aside from its licensing activities, Genesco operates over 1,490 retail stores in the U.S., Canada, the UK and the Republic of Ireland, under banners including Journeys, Schuh, Little Burgundy and Johnston & Murphy, among others, as well as a range of brand-specific e-commerce websites.
The company also sells wholesale footwear under the Johnston & Murphy and Trask brands.
In the third quarter ended November 2, 2019, Genesco reported net sales of $537.3 million, down 0.5% year over year, while the company’s net earnings rose to $18.9 million, up from $14.4 million in the prior-year period.
The company expects the Togast acquisition to be accretive to its earnings in fiscal 2021.
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