Cherokee Global Brands Acquires Casual Footwear Retailer Flip Flop Shops.
M2 EQUITYBITES-October 22, 2015-Cherokee Global Brands Acquires Casual Footwear Retailer Flip Flop Shops
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22 October 2015 - US-based lifestyle brand marketer Cherokee Global Brands (NASDAQ: CHKE) has acquired Flip Flop Shops, a franchise retail chain dedicated to offering various brands and styles of flip flops, casual footwear and accessories, the company said.
Flip Flop Shops currently has more than 90 retail franchise shops in the US, Canada, Caribbean, Middle East and South Africa, and over 100 additional retail shops already in development worldwide.
Its locations carry definitive assortments of recognized brands including OluKai, Sanuk, Cobian, Havaianas, Quiksilver, Roxy, Reef, and many more.
Through the acquisition, Cherokee Global Brands will continue adding new franchises as it expands Flip Flop Shop's assortments of flip flops, casual footwear and accessories by offering new brands from its portfolio through its proprietary 360o platform including, Cherokee, Tony Hawk, and Everyday California.
Flip Flop Shop's franchise model allows it to showcase its diverse portfolio of brands in an immersive retail environment that engages customers of all ages in new and exciting ways.
The acquisition of Flip Flop Shops aligns perfectly with the company's strategic plan and is consistent with its zero-inventory, no manufacturing-risk business model.
As part of its growth strategy for Flip Flop Shops, Cherokee Global Brands said it will identify key partners through its relationships in Europe, Asia, and Latin America and expand the retail concept and offerings through a combination of retail stores, shop-in-shops and mobile commerce in all existing and new markets.
Cherokee Global Brands is a global brand marketing platform that manages a portfolio of fashion and lifestyle brands including Cherokee, Carole Little, Tony Hawk Signature Apparel and Hawk Brands, Liz Lange, Everyday California, Sideout, ale by Alessandra and Flip Flop Shops across multiple consumer product categories and retail tiers around the world.
The company currently maintains licensing agreements with leading retailers and manufacturers that span over 50 countries in 7,400 retail locations.
Symphony Investment Partners acted as the exclusive financial advisor to Cherokee Global Brands. Christopher Spahr of Meadow Lane Capital LLC led the team that advised Flip Flop Shops in the transaction.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 22, 2015|
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