Cherokee Global Brands, an American global marketer of style-focused lifestyle brands, has acquired Flip Flop Shops leading franchise retail chain dedicated to offering the hottest brands and latest styles of flip flops, casual footwear and accessories, it said in a press release.
Flip Flop Shops currently has over 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, Cobian, Havaianas, Quiksilver, 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 360? 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.
Cherokee Global Brands said 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 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.
"We are very excited about adding Flip Flop Shops to our global brand portfolio. It's not often you come across such a rare combination of a seasoned leadership team, perfect portfolio alignment and seamless integration with our unique business model. Our goal has always been to become the global leader in marketing, selling and distributing a balanced portfolio of brands. Through our acquisition of Flip Flop Shops, we will join the ranks of innovative specialty retailers that successfully operate similar concepts focused on products such as sunglasses and baseball hats," said Cherokee Global Brands Henry Stupp.
Brian Curin, President of Flip Flop Shops commented, "This is a very exciting time for Flip Flop Shops. We look forward to joining forces with the Cherokee Global Brands team and leveraging their expertise. Their ability to quickly build scale will be particularly beneficial as we roll out new shops and establish Flip Flop Shops as a globally-recognized specialty retailer." (SH)
Fibre2Fashion News Desk – India