Caleres acquires Allen Edmonds for 255 million dollars

Caleres has announced the acquisition of Allen Edmonds from Brentwood Associates for 255 million dollars. The company said, this US-based men’s premium handcrafted leather footwear and accessories label will help Caleres to expand its brand portfolio and establish its presence in men’s footwear segment.

“The addition of Allen Edmonds to the Caleres Brand Portfolio allows us to rapidly increase our exposure in men’s footwear, solidifying a new revenue stream to drive overall growth,” said Diane Sullivan, CEO, President and Chairman of Caleres, in the company announcement.

“With nearly a century of heritage and innovation, Allen Edmonds is an ideal fit for Caleres,” added Paul Grangaard, President and CEO of Allen Edmonds, further saying, “As part of the company’s brand portfolio, we’ll be sharing our men’s footwear knowledge and expertise, while simultaneously benefitting from the brand development, materials sourcing, product development and design capabilities inherent in a much larger footwear organization.”

Caleres already boasts of a strong portfolio of men’s footwear brands under its umbrella such as George Brown Bilt, Vince and Dr. Scholl’s Shoes. The company said, the acquisition of Allen Edmonds is being funded through existing cash and the company’s revolving credit agreement.

Picture:Facebook/Allen Edmonds