Authentic Brands Group (ABG) has today confirmed its acquisition of footwear brand Rockport after speculation in June of this year that it was the “stalking horse” bidder for The Rockport Company. ABG announced that the United States Bankruptcy Court for the District of Delaware has approved the sale transaction of Rockport. The addition expands Authentic’s diverse footwear portfolio, which already includes Hunters, Reebok, and Airwalk.
According to ABG, Rockport has long been recognized as a pioneer in the footwear industry and credited as one of the first brands to engineer athletic soles into its dress shoes, and by adding the brand to its portfolio, Authentic is “poised to leverage its expertise in brand development and strategic partnerships to propel the Rockport brand into new heights and unlock its full potential.”
In addition, Authentic has signed a long-term licensing agreement with key partner Marc Fisher Footwear, a full-service fashion footwear company and the US footwear partner for Authentic-owned Nine West, Hunter Boots and Bandolino. Marc Fisher will become the core footwear partner for Rockport in the U.S., taking on the brand’s footwear design, wholesale and e-commerce operations in the territory.
Authentic is expected to announce additional partners in the coming months and will leverage its proprietary platform, expertise and global network of partners to expand the brand across categories and territories.
No sale price was listed in the announcement, but the numbers in June included talk of $40.4 million for the firm’s intellectual property, $5 million for its Korean subsidiary and additional yet-to-be-determined amounts for inventory.
According to the ABG, upon next month’s closing of Rockport and the recently acquired Boardriders, Authentic’s portfolio will generate more than $29B in annual retail sales worldwide.
