Genesco, a Nashville-based specialty retailer, has announced that it has closed the acquisition of the US assets of New York based Togast LLC, previously announced on December 18, 2019. Togast is a company that specialises in the design, sourcing and sale of licensed footwear. The acquisition is expected to be accretive to Genesco's fiscal 2021 earnings.
As planned, at closing, Genesco also entered into a new US footwear license agreement for men, women and children for Levi's, as well as renewed and extended its mens Dockers footwear license. The Togast purchase expands Genesco's portfolio to include footwear licenses for GH Bass & Co., Adio and Fubu, among others.
The addition of privately owned Togast brings to Genesco new sources of revenue and synergistic product development and offshore sourcing capabilities, which complement and enhance Genesco's licensed brands division.
Cole Schotz PC represented footwear licensee Togast LLC in the $33.7 million purchase agreement.
Fibre2Fashion News Desk (JL)