Panglobal buys Scrapbook brand label from Femme Knits

June 05, 2008 - United States Of America

Panglobal Brands Inc announces that it has signed a binding Term Sheet to acquire the Scrapbook brand label from Femme Knits Inc as well as selective other assets, including customer lists and current sales orders.

Femme Knits Inc was started in 1998 by Kelly Kaneda and the Scrapbook label was established in 2002. The Scrapbook label is aimed at the young contemporary market and is known for its mix and match prints and comfortable knit fabrics.

Scrapbook products can be found at better department stores and boutiques, and major customers include Nordstrom’s, Dillard’s, Macy’s, Anthropologie, Top Shop (in London, UK), Delia’s, Forever 21 and Hot Topic.

Femme Knits Inc has achieved sales of over $56 million cumulative in the past three years with sales of $22.0 million in 2007.

Panglobal Brands Inc will be employing Kelly Kaneda to be the new president of the Scrapbook division of Panglobal Brands, Inc as well as many of the key design and production staff associated with the brand.

“We are excited to have Kelly and his team joining us, and believe that Scrapbook has an excellent brand name and reputation in the young contemporary market.

With the addition of Scrapbook, we now will have brand diversification which will provide us with huge opportunities to design and sell into multiple distribution channels.

We will continue to look for excellent apparel brand opportunities like Scrapbook which add to our stable of brands and bring exceptional design talent to Panglobal Brands Inc as well as adding to our credibility in the eyes of our key major customers,” said Stephen Soller, Chief Executive Officer of Panglobal Brands Inc.