SKYE ACQUIRES FOOTWEAR E-TAILER: E-commerce platform firm Skye Associates has completed its eighth acquisition in two years, this time buying e-tailer SimplySoles.com for an undisclosed amount.
Previous acquisitions include TheHipChick.com, Fantasy-JewelryBox.com, Yoga-Clothing.com and PinkMascara.com. Acquisitions to date have been completed through self-financing and cash flow. In the latest acquisition, Kassandra Rempel, who founded SimplySoles.com, will remain with the firm as a consultant. The site — which includes selections from Stuart Weitzman, Tory Burch and Frye — will relaunch on Jan. 1.
Adam Hanin, who owns Skye, said, “The opportunity to add a site to our portfolio with the reputation and following of SimplySoles will immediately take the company to the next level.”
Skye Associates has a two-pronged business model: one division acquires e-commerce businesses and the other division operates branded sites for other companies. Skye currently operations 36 e-commerce sites under its management division.