Milwaukee-based shoe designer Weyco Group Inc. said today that it agreed to pay $10 million for a majority stake in licensees of several of its brands in Australia, Asia Pacific and South America, including Florsheim, Stacy Adams and Nunn Bush shoes.
Weyco created a subsidiary to buy assets and some liabilities of the Florsheim business from Figgins Holdings Pty Ltd., the former Australia licensee. It will also buy stock of Florsheim South Africa Pty Ltd. and Florsheim Asia Pacific Ltd. the other licensees.
David Venner, former chief financial officer of Figgins Holdings, will become president of the subsidiary, named Florsheim Australia.
"This is an exciting time for us," said Tom Florsheim Jr., Weyco's chairman and CEO. "Over the years Florsheim has built a significant brand presence throughout these markets and the acquisition provides the opportunity to further develop this business and present a more unified brand image worldwide. We are also very pleased that David Venner will be joining our team. David brings a strong financial and operating knowledge of the Florsheim business in the Australian, Asia Pacific and South African markets."
Weyco Group to acquire majority stake in foreign licensees
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