Diversified accessories company, Accessory Network Group LLC announced that its affiliate company, Brand Science LLC, signed a contract to acquire LeSportsac Inc, in alliance with Itochu Corporation, a Japanese conglomerate, for an undisclosed amount.
Brand Science is wholly owned by Abe Chehebar, CEO of Accessory Network Group, and Ken Landis, COO of Accessory Network Group.
LeSportsac, Inc, founded in 1974 by Sandra Stetson Schifter, and her late husband Melvin, is the leading international brand of affordably priced luxury nylon fashion bags, accessories and luggage.
The acquisition includes a strategic alliance between Brand Science and Itochu Corporation.
Brand Science, will oversee global operations of LeSportsac Inc including branding, advertising, public relations, marketing, design, product development, production, and sales.
Brand Science will continue to service directly the existing markets in North America, South America, Europe and the Middle East.
Itochu will distribute the LeSportsac product line throughout the Asian and Mid-Pacific territories. Brand Science is entering into a service agreement with Itochu to provide services to the Asian and MidPacific territories and will work closely with Itochu in building the LeSportsac brand in these markets.
"They are thrilled to be in alliance with Itochu for this acquisition" says Brand Science CEO, Abe Chehebar.
"They see tremendous opportunities to build on the strong brand equity of this lifestyle brand, expand into new markets, launch additional retail locations and introduce new categories."
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