Sequential Brands Group will acquire roller shoe firm Heelys Inc. for $63.2 million.
Under the terms of the merger agreement, Heelys' shareholders will received $2.25 in cash for each share of Heelys common stock, according to a filing with the Securities and Exchange Commission on Monday.
Heelys, which has been losing money, makes footwear in which wheels are imbedded in each sole. The concept is similar to inline skates. The footwear firm had inked a deal to be acquired in October by Evergreen Group Ventures for $13.9 million, but that deal did not include cash and the plan was to liquidate the business. Under the new agreement with Sequential, Heelys gets to see the brand continue in operation even though it now has to pay a termination fee to Evergreen.
The acquisition is the first for Sequential since hiring Yehuda Shmidman, former Iconix chief operating officer, as its chief executive officer last month. While at Iconix, Shmidman was involved in many mergers and acquisitions initiatives.
Given that Sequential Brands is a brand management and licensing firm, it will take ownership of the intellectual property assets of Heelys once the deal has closed and continue the brand using a licensing model.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia