Home / Knowledge / News / Company / Weyco Group Inc to acquire majority stake in licensees

Weyco Group Inc to acquire majority stake in licensees

Jan '09
On January 23, 2009, Weyco Group Inc entered into a series of transactions to acquire the majority interest in the licensees of its Florsheim, Stacy Adams and Nunn Bush branded shoes in the Australian, Asia Pacific and South African markets. Weyco invested in a new subsidiary, Florsheim Australia Pty Ltd ("Florsheim Australia"), to acquire the operating assets and certain liabilities related to the Florsheim business from Figgins Holdings Pty Ltd, the former Australia licensee, and to acquire the stock of Florsheim South Africa Pty Ltd and Florsheim Asia Pacific Ltd, the other licensees.

David Venner, the former Chief Financial Officer of Figgins Holdings, will become the President of Florsheim Australia. The aggregate purchase price of these acquisitions was approximately U.S. $10 million. Total net sales for the combined businesses acquired were approximately U.S. $25 million for their fiscal year ended June 30, 2008, with the vast majority of sales under the Florsheim brand name. The acquisition includes both wholesale and retail businesses, with 24 Florsheim stores in Australia, one Florsheim store in New Zealand and one store in Macau.

"This is an exciting time for us," stated Tom Florsheim Jr., Weyco's Chairman and Chief Executive Officer. "Over the years Florsheim has built a significant brand presence throughout these markets and the acquisition provides the opportunity to further develop this business and present a more unified brand image worldwide. We are also very pleased that David Venner will be joining our team. David brings a strong financial and operating knowledge of the Florsheim business in the Australian, Asia Pacific and South African markets."

Weyco Group Inc designs and markets moderately priced and better-grade men's branded footwear for casual, fashion, and dress lifestyles. The principal brands of shoes sold by the Company are Florsheim, Nunn Bush, and Stacy Adams. The Company also operates retail stores in the United States and Europe.

Weyco Group Inc

Must ReadView All

Pic: Shutterstock

E-commerce | On 3rd Mar 2021

Digital e-com rules may negatively affect developing

Many digital rules being framed by a group of 86 countries under the...

Pic: Shutterstock

E-commerce | On 3rd Mar 2021

Jordan govt urged to impose tax on online purchases from

Asad Qawasmi, who represents the garment and jewellery sector at the...

Pic: Huntsman Textile Effects

Textiles | On 3rd Mar 2021

Huntsman, Sciessent partner for microbe & odour resistant

Huntsman Textile Effects, a Singapore-based provider of high-quality...

Interviews View All

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Angelo Leung,

Angelo Leung

Guangdong Asiatex Textiles provides international and domestic apparel...

Subrata Ghosh,

Subrata Ghosh

Nandan Denim, part of leading conglomerate Chiripal Group, commenced its...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Eric Scholler, Groz-Beckert

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search