Vera Bradley acquires majority stake in Pura Vida

Handbag, luggage and travel brand Vera Bradley announced today that it has acquired 75 percent interest in jewelry brand Pura Vida. In a press release from the brand, the jewelry label is quickly expanding as a “digitally native and highly expanding lifestyle brand.”

“We are thrilled to complete the Pura Vida acquisition,” said Vera Bradley’s chief executive officer, Robert Wallstrom. “Pura Vida is a terrific fit for Vera Bradley as we move into the second phase of our Vision 20/20 three-year strategic plan and focus on growth.” He also shared that as Pura Vida joins the Vera Bradley family, it will help grow revenues, its customer community, and diversity the business.

Vera Bradley plans to leverage Pura Vida’s digital marketing expertise as well as its social customer engagement.

Vera Bradley purchased its 75 percent ownership interest for a cash consideration of 75 million USD and up to 22.5 million in incremental earnout cash consideration. Vera Bradley was able to fund 100 percent of the price paid with its existing available cash, cash equivalents and investments.

Pura Vida will operate as a subsidiary of Vera Bradley from its headquarters in La Jolla, California. Its founders, Griffin Thall and Paul Goodman, will continue to lead the brand.