Brown Shoe Acquires Sam & Libby Brand
Brown Shoe Company (NYSE: BWS) has acquired the Sam & Libby brand and reunited it with its founders, Sam and Libby Edelman, it was announced today. For the last eight years, the brand was owned by The Jones Group.
“We feel very strongly that this brand belongs with Sam and Libby, the people who created it,” said Diane Sullivan, president and CEO of Brown Shoe Company. “We purchased Edelman Shoe two years ago and last month, we announced Libby's return to Brown Shoe Company. The timing is perfect to bring the Sam & Libby brand back into the fold. The potential for the entire portfolio is exciting and certainly presents additional interesting opportunities for us to explore.”
“This represents closure for Libby and me, a full circle,” said Sam Edelman, founder of Edelman Shoe and division president for the Sam Edelman Division of Brown Shoe Company. “We now have the opportunity to see our vision realized as true lifestyle designers. It was very important to us to have Sam & Libby back in our stable of brands.”
“This is an amazing opportunity for us to jump in and to use everything we have learned to reenergize the Sam & Libby brand. The possibilities are endless,” said Libby Edelman. “I guess it's pretty clear now why I came off of my sabbatical.”
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.