Editor’s note: In a filing with the SEC Monday afternoon, Cherokee said it is paying $12 million in cash for Flip Flop Shops.
Cherokee Global Brands announced this morning that it has acquired industry customer Flip Flop Shops.
Cherokee plans to add its proprietary brands to Flip Flop Shops’ merchandising mix, including Cherokee, Tony Hawk and Everyday California.
The company will help Flip Flop Shops expand its franchising model, particularly in international locations.
Currently, Flip Flop Shops has more than 90 locations in the U.S., Canada, Caribbean, Middle East and South Africa.
Another 100 franchise shops were in development prior to the acquisition.
Flip Flop Shops President Brian Curin said in a statement: “We look forward to joining forces with the Cherokee Global Brands team and leveraging their expertise. Their ability to quickly build scale will be particularly beneficial as we roll out new shops and establish Flip Flop Shops as a globally recognized specialty retailer.”
Industry brands that currently sell to Flip Flop Shops include Olukai, Sanuk, Cobian, Havaianas, Quiksilver, Roxy and Reef.
