Caleres Ac­quires Ma­jor Stake in Blow­fish Mal­ibu

Shoes & Accessories - - The Month That Was | Updates I International -

Caleres, the owner of fa­mous footwear and brands such as Sam Edel­man and Franco Sarto, has ac­quired a con­trol­ling in­ter­est in shoe brand Blow­fish Mal­ibu, which has trail­ing 12-month rev­enue of $27 mil­lion.

Caleres used ex­ist­ing cash flow to snap up the la­bel, founded in 2005 by vet­eran shoe ex­ec­u­tives Don Weiss and Stephen Hoyt, and known for its laid-back Cal­i­for­nia life­style aes­thetic.

“The de­ci­sion to part­ner with Blow­fish Mal­ibu was an easy one, as it al­lows for con­tin­ued ex­pan­sion of our over­all busi­ness and gives us ad­di­tional ex­po­sure to the grow­ing sneaker and ca­sual life­style seg­ment of the mar­ket,” said Caleres pres­i­dent, chair­man and CEO Diane Sul­li­van. “Since they were formed, Blow­fish Mal­ibu has fo­cused on in­ter­pret­ing cur­rent global trends to cre­ate the new­est and hottest orig­i­nal styles in women’s footwear, with a great value propo­si­tion, and we can’t wait to wel­come the team to Caleres.”

In De­cem­ber 2016, Caleres an­nounced its pro­cure­ment of men’s shoe la­bel Allen Ed­monds for $255 mil­lion. This time around, the com­pany did not dis­close the terms of its Blow­fish buy but said the ac­qui­si­tion is ex­pected to be ac­cre­tive within one year.

Amid the rapid rise of dig­i­tal and sig­nif­i­cantly greater com­pe­ti­tion in the re­tail space, a grow­ing num­ber of in­de­pen­dent brands are at­tach­ing them­selves to larger par­ent firms in hopes that such com­pa­nies could provide a safety net as well as take care of other ad­min­is­tra­tive and lo­gis­ti­cal tasks.

“We’re look­ing for­ward to work­ing with the en­tire Caleres team,” Hoyt, co-founder and lead de­signer of Blow­fish, said. “This part­ner­ship, with an in­dus­try leader in lever­ag­ing sourc­ing in­fra­struc­ture, will open up even more po­ten­tial for our brand as we con­tinue to make footwear that is com­fort­able on your feet and good for your soul.”

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