- Prachi Singh |
Caleres has said through a statement that it acquired a controlling interest in Blowfish Malibu, which had trailing 12-month revenue of approximately 27 million dollars. The company added that Blowfish Malibu footwear collection is curated to reflect the fresh, laid-back aesthetic that defines the California lifestyle and honours the spirit of youth.
“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,” said Diane Sullivan, CEO, President and Chairman of Caleres in a media release.
“The opportunity to partner with Caleres, and to grow our brand even further, has inspired the entire team at Blowfish Malibu,” added Don Weiss, Co-founder and President of Blowfish Malibu.
The majority stake in Blowfish Malibu, Caleres added, is being funded using the company’s existing cash flow, and the acquisition is expected to be accretive within one year.
Commenting on the partnership, Stephen Hoyt, Co-founder and Lead Designer of Blowfish Malibu 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.”
Picture:Blowfish Malibu SS18 lookbook