The business of disrupting is still paying handsomely.
Global footwear company Caleres ponied up $360 million to buy Vionic Group, giving it another entry point to the contemporary comfort category and some extra digital spark.
Diane Sullivan, chief executive officer, president and chairman of Caleres, said: “The brand has already proven to be a disruptive addition to the industry, as the dynamic Vionic team has blended proprietary technology with comfort and style. We’re looking forward to supporting the brand in their continued success and to sharing our extensive infrastructure, including our expertise in product design, brand development and global sourcing.”
Over the past 12 months, Vionic drew sales of $180 million — logging a compound annual growth rate of more than 20 percent for the past six years.
About a quarter of Vionic’s sales come from the web and roughly 8 percent of the business is conducted internationally.
The brand bills itself as having “unmatched style and addictive support.”
Chris Gallagher, cofounder and ceo of Vionic, noted, “We have big plans and even bigger dreams and — with support from Caleres — we’ll be able to continue on that journey, as this combination creates great opportunities for our team members and our retail and business partners.”
Cleres, which had sales of more than $2.8 billion over the last year, is funding the deal through its revolving credit agreement.
With the market at a high and big players looking to jump-start their own evolution, many have been getting out their checkbooks.