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Accessory Network agrees to purchase LeSportsac

11
Feb '06
Privately held, diversified accessories company, Accessory Network Group LLC announced that its affiliate company, Brand Science LLC, closed on a transaction to acquire LeSportsac Inc, in alliance with Itochu Corporation, a Japanese conglomerate, for an undisclosed amount.

Brand Science will continue to do business as LeSportsac, and is wholly owned by Abe Chehebar, Chairman of Brand Science LLC, and CEO of Accessory Network Group, and Ken Landis, COO of Accessory Network Group and acting CEO of Brand Science LLC.

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.

"Today begins the first day of an exciting new journey for the LeSportsac brand in the US and beyond," says Brand Science Chairman, Abe Chehebar, "They look forward to continuing to build on the phenomenal success that has been established with this great brand."


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