Lolë Brands Expands Portfolio with Acquisition of Iconic Footwear Brand Sanuk

Rhea-AI Summary

Lolë Brands, a global apparel company, has acquired Sanuk, an iconic outdoor lifestyle footwear brand previously owned by Deckers Brands (NYSE: DECK). This marks Lolë's expansion into the footwear market and its second acquisition in the past year. Sanuk, known for its comfort and creativity, will benefit from renewed investment to build on its core strengths. Katie Pruitt, with over a decade of experience at Sanuk, has been appointed as Vice President and General Manager to lead the brand's future growth.

The partnership aims to evolve Sanuk's brand strategy, prioritizing direct-to-consumer and wholesale customers. Sanuk will relocate its operations to Los Angeles, CA. Both Lolë and Sanuk share a commitment to responsibly produced, innovative, and stylish designs, aligning with Lolë's portfolio of environmentally conscious consumer brands.

Positive

• Expansion of Lolë Brands' portfolio into the footwear market
• Potential for growth and innovation through renewed investment in Sanuk
• Appointment of experienced leadership with Katie Pruitt as VP and GM of Sanuk
• Alignment of brand values focusing on responsible production and innovation

Negative

• Potential integration challenges and costs associated with the acquisition
• Relocation of Sanuk operations may lead to temporary disruptions

News Market Reaction

+3.07%

1 alert

+3.07% News Effect

On the day this news was published, DECK gained 3.07%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

The global apparel company expands its eco-conscious offerings with the addition of its first footwear arm

MONTREAL, Aug. 15, 2024 /PRNewswire/ - Lolë Brands, a global apparel company producing elevated athleisure, active and outerwear designed to last, announced today its acquisition of outdoor lifestyle footwear brand, Sanuk^®, previously a division of Deckers Brands (NYSE: DECK).

Founded in 1997 within the vibrant surfing, action sports and outdoor community, Sanuk has long been synonymous with comfort, creativity and free-spirited adventure. Renowned for its original styles and irreverent marketing, Sanuk is on a mission to spread smiles far and wide through fun yet functional footwear. The partnership will usher in a new era for the beloved Southern California-born brand, as Sanuk and Lolë share a commitment to responsibly produced, innovative and stylish designs.

Under new ownership, Sanuk will benefit from a renewed investment to build on its core strengths, such as unique, consumer-centric products and marketing that differentiates the brand in the marketplace. Sanuk's loyal customer base of wholesale partners can look forward to experiencing the brand's evolution, which includes a nimble and progressive approach to marketplace management and customer service.

Serving over a decade with Sanuk and bringing 20 years of industry experience, Katie Pruitt has been appointed Vice President, General Manager of Sanuk and is the ideal choice to lead the brand into the future. Pruitt will focus on evolving the brand strategy and prioritizing direct-to-consumer and wholesale customers to drive innovation and growth. In the coming months, Sanuk will relocate its operations and open a new office in Los Angeles, CA.

"Sanuk is iconic for its disruptive spirit and loyal fanbase, and we're pleased to welcome the brand to the Lolë family," says Todd Steele, Lolë CEO. "We look forward to working alongside Katie and leveraging Lolë's resources and partnerships to embark on a new stage of growth for the brand."

"I'm honored to join the team at Lolë Brands, a talented group with whom I share a similar passion and vision for building brands," says Katie Pruitt, Sanuk Vice President, General Manager. "Together, we see exciting opportunities to elevate Sanuk's product offerings, disrupt the marketplace and build brand love with our growing community of Sanuk fans."

This acquisition marks the second for Lolë in the past year as it expands its portfolio of environmentally conscious consumer brands.

To learn more and shop the latest collections from both brands, visit www.lolelife.com and www.sanuk.com, and follow along on social media at @lole and @sanuk.

About Lolë Brands
Lolë is a global apparel brand offering elevated athleisure, active and outerwear versatile and stylish enough to transition from the studio to the street, and everywhere in between. Born in Canada, the collection is thoughtfully designed in Montreal with smart consumption in mind using high-quality materials, made to last (and look good) season after season. Lolë clothing can be found at more than 1,500 retail outlets around the world, in Lolë Ateliers and online at lolelife.com. Learn more and follow on social @lole.

About Sanuk^®
Welcome to the never-ending party for your feet. Founded in 1997, Sanuk is an unconventional footwear brand on a mission to keep you comfy, protect our happy places and cultivate community. Sanuk is the Thai word for "fun," so we infuse fun into everything we do. For more information about Sanuk, a division of Lolë Brands, visit sanuk.com or follow @sanuk on Instagram, TikTok and Facebook. #SmileOn

Media contact:
Hannah Wilkinson, Dolce Vita PR
hannah@dolcevitapr.co
+1 (707) 977-5101

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SOURCE Lolë Brands

FAQ

What is the significance of Lolë Brands acquiring Sanuk from Deckers Brands (DECK)?

The acquisition marks Lolë Brands' expansion into the footwear market, diversifying its portfolio of eco-conscious brands. It's Lolë's second acquisition in the past year, signaling a strategic growth initiative.

How will the acquisition of Sanuk impact Lolë Brands' market position?

The acquisition will expand Lolë Brands' offerings to include footwear, potentially strengthening its market position in the eco-conscious and lifestyle segments. It also provides opportunities for synergies and growth in the outdoor and active wear markets.

What changes are expected for Sanuk under Lolë Brands ownership?

Sanuk will receive renewed investment to build on its core strengths, evolve its brand strategy, and prioritize direct-to-consumer and wholesale customers. The brand will also relocate its operations to Los Angeles, CA, and focus on innovation and growth under new leadership.

Who will lead Sanuk following its acquisition by Lolë Brands?

Katie Pruitt, who has over a decade of experience with Sanuk and 20 years in the industry, has been appointed as Vice President and General Manager of Sanuk to lead the brand into its new era under Lolë Brands ownership.