Building its roster of fashion and accessories brands, Schottenstein Stores Corp. said Tuesday it acquired shoe firm Taryn Rose.
Financial terms were not disclosed.
Schottenstein said it plans to license out the Taryn Rose product line beginning with shoes, which will retail from $150 to $450, and then move on to eyewear, hosiery and jewelry. A creative director will serve as a liaison between the brand and its licensees, as well as oversee Taryn Rose’s expansion into multiple categories and midtier distribution channels, namely department stores. The first footwear rollout is aimed for spring 2011.
Mary Gleason, president of Schottenstein’s luxury brand group, has been named brand president at Taryn Rose. In 2006, the company bought the women’s apparel and accessories firm, Adrienne Vittadini, and two years ago purchased the upscale handbag line Judith Leiber. Gleason also is president of the other brands.
“Taryn Rose was one of those brands that started the ‘fashion as comfort’ expression, and there is some really good heritage in this brand to jump-start,” Gleason said. “In this market, a lot of people have gone into comfort, and while Taryn Rose was originally on the high end, we’re making a bigger play to broaden its appeal at more realistic price points.”
Schottenstein closed the Taryn Rose headquarters in Los Angeles, as well as its three U.S. stores. Operations will be moved to New York. Gleason said she would like to relaunch the stores in 2012.
Gleason said Schottenstein will be eyeing additional fashion brand acquisitions, specifically in the contemporary apparel sector.
Last year, executives at Taryn Rose plotted an aggressive outreach plan to target the luxury shoe market. Then chief executive officer Robert Meers, along with chief operating officer Susan Hudson O’Neil, outlined how they would increase Taryn Rose’s global distribution and rebrand its campaign to center on the “Comfortably Sexy” theme. Meers could not be reached for comment.
In March 2008, founder Taryn Rose resigned from her eponymous firm, but remained a minority shareholder. An orthopedic surgeon, Rose launched the line after failing to find a comfortable, yet fashionable, shoe. Chief investor and chairman David Crossland came on board in 2006.