Caleres is investing in men’s in a big way.
On Tuesday, the footwear conglomerate announced their purchase of men’s heritage footwear label Allen Edmonds from Brentwood Associates for $255 million. Caleres plans to disclose more about the acquisition in their fourth quarter earnings report.
The U.S. based dress shoe brand joins Caleres’ roster of men’s footwear brands, which includes Vince, George Brown Bilt and Dr. Scholl’s.
“With nearly a century of heritage and innovation, Allen Edmonds is an ideal fit for Caleres,” said Paul Grangaard, Allen Edmonds president and CEO. “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 CFO Diane Sullivan said the addition of Allen Edmonds allows the company to “rapidly increase our exposure in men’s footwear” and will secure a new revenue stream to help drive growth.
“Allen Edmonds is a strong brand operating with a proven business model and we feel it is well-positioned for growth. Not only does Allen Edmonds have brand equity and a loyal customer base, its appeal extends beyond this base to yet untapped consumers. We think we’ve acquired one of the great gems in men’s footwear,” she said.