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Phoenix Footwear buys out Paradise Shoe Company LLC

05
Aug '05
Phoenix Footwear Group Inc announced it has acquired the assets of the Paradise Shoe Company LLC. The terms were not disclosed.

Paradise Shoe Company, based in Phoenix, Arizona, is the exclusive licensee of the popular Tommy Bahama line of men's and women's footwear, hosiery and belts. The acquisition is effective as of this date.

Concurrent with this transaction, Phoenix Footwear has signed an exclusive license agreement with the Tommy Bahama Division of Oxford Industries Inc, owner of the Tommy Bahama brand, whereby Phoenix Footwear will design, manufacture and distribute the Tommy Bahama line of men's and women's footwear, hosiery, belts and men's small leather goods and accessories. Terms of the license agreement were not disclosed.

Tommy Bahama is a premier lifestyle brand featuring men's and women's apparel, footwear and accessories. The brand's products are well-known and represent a relaxed, island-inspired lifestyle.

The Tommy Bahama line of footwear, hosiery and belts and accessories feature the brand's signature style and benefits from a broad distribution network of Tommy Bahama-branded stores, department stores and independent specialty stores throughout North America and the Caribbean.

Paradise Shoe Company, through its exclusive license of Tommy Bahama footwear, hosiery and belts, posted full-year sales of $20.5 million in 2004, and $11.8 million in the first six months of 2005. Michael Reina, former President of Paradise Shoe Company, has joined Phoenix Footwear as National Sales Manager of the unit, which will be known to the trade as Tommy Bahama Footwear. Covington Associates LLC advised Paradise Shoe Company in connection with the transaction.


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