Caleres Announces Acquisition of Majority Stake in Blowfish Malibu
July 10 2018 - 8:30AM
Business Wire
Caleres (NYSE: CAL) (caleres.com), a diverse portfolio of global
footwear brands, today announced it has acquired a controlling
interest in Blowfish Malibu, which has trailing 12-month revenue of
approximately $27 million. The Blowfish Malibu footwear collection
is curated to reflect the fresh, laid-back aesthetic that defines
the California lifestyle and honors the spirit of youth.
“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 Diane Sullivan, CEO,
president and chairman of Caleres. “Since they were formed in 2005,
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.”
“The opportunity to partner with Caleres, and to grow our brand
even further, has inspired the entire team at Blowfish Malibu,”
said Don Weiss, co-founder and president of Blowfish Malibu. “The
support of a strong partner – in terms of sourcing and back-office
– is something we’ve been searching for, and we’re glad we found it
with Caleres.”
“We’re looking forward to working with the entire Caleres team,”
said Stephen Hoyt, co-founder and lead designer of Blowfish Malibu.
“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.”
The majority stake in Blowfish Malibu is being funded using the
company’s existing cash flow, and the acquisition is expected to be
accretive within one year.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995This press release contains certain
forward-looking statements and expectations regarding the company’s
future performance and the performance of its brands. Such
statements are subject to various risks and uncertainties that
could cause actual results to differ materially. These risks
include (i) changing consumer demands, which may be influenced by
consumers’ disposable income, which in turn can be influenced by
general economic conditions and other factors; (ii) rapidly
changing fashion trends and consumer preferences and purchasing
patterns; (iii) intense competition within the footwear industry;
(iv) political and economic conditions or other threats to the
continued and uninterrupted flow of inventory from China and other
countries, where the Company relies heavily on third-party
manufacturing facilities for a significant amount of its inventory;
(v) foreign currency fluctuations; (vi) the ability to accurately
forecast sales and manage inventory levels; (vii) cybersecurity
threats or other major disruption to the Company’s information
technology systems; (viii) customer concentration and increased
consolidation in the retail industry; (ix) transitional challenges
with acquisitions; (x) a disruption in the Company’s
distribution centers; (xi) changes to tax laws, policies and
treaties; (xii) the ability to recruit and retain senior management
and other key associates; (xiii) compliance with applicable laws
and standards with respect to labor, trade and product safety
issues; (xiv) the ability to secure/exit leases on favorable terms;
(xv) the ability to maintain relationships with current suppliers;
and (xvi) the ability to attract, retain, and maintain good
relationships with licensors and protect our intellectual property
rights. The company’s reports to the Securities and Exchange
Commission contain detailed information relating to such factors,
including, without limitation, the information under the caption
Risk Factors in Item 1A of the company’s Annual Report on Form 10-K
for the year ended February 3, 2018, which information is
incorporated by reference herein and updated by the company’s
Quarterly Reports on Form 10-Q. The company does not undertake any
obligation or plan to update these forward-looking statements, even
though its situation may change.
About CaleresCaleres is a diverse portfolio of global
footwear brands. Our products are available virtually everywhere -
in the over 1,200 retail stores we operate, in hundreds of major
department and specialty stores, on our branded e-commerce sites,
and on many additional third-party retail websites. Famous Footwear
and Famous.com serve as our Family brands. Our
Contemporary Fashion brands include Sam Edelman, Allen Edmonds,
Franco Sarto, Vince, Via Spiga, George Brown Bilt, Diane von
Furstenberg, Fergie Footwear and Carlos Santana. Naturalizer, Dr.
Scholl’s Shoes, LifeStride, Bzees and Ryka represent our Healthy
Living brands. Combined, these brands help make Caleres a company
with both a legacy and a mission. Our legacy is our more than
130-years of craftsmanship, our passion for fit and our business
savvy, while our mission is to continue to inspire people to feel
good…feet first. Visit caleres.com to learn more about
us.
About BlowfishThirteen years ago, two famed footwear
executives decided to combine their business and creative talents
to create a unique brand of shoes. Their goal was simple: make
quality fashionable shoes and sell them at affordable prices. For
every season since, Blowfish Malibu has delighted shoe lovers with
on-trend styles that embody emerging fashion trends from Europe and
Asia and capture the fresh youthful spirit and casual living that
is distinctively Southern California. Visit blowfishshoes.com to
learn more.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180710005528/en/
CaleresPeggy Reilly Tharp, 314-854-4134ptharp@caleres.com
Caleres (NYSE:CAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Caleres (NYSE:CAL)
Historical Stock Chart
From Apr 2023 to Apr 2024