The Stride Rite Corporation and Robeez Footwear Ltd the world leader in soft-soled leather footwear for babies and young children, announced that Stride Rite has acquired Robeez for a purchase price of $27.5 million (CDN$30.5 million) in cash.
Founded in 1994 by Sandra Wilson and based in Burnaby, British Columbia, Canada Robeez Footwear has grown over the past decade to become the leading worldwide manufacturer of soft-soled footwear for babies and young children.
Recommended by experts and the first choice of many parents, Robeez shoes and booties are available in a wide range of designs and are sold internationally at thousands of boutiques and specialty stores, including Nordstrom, Saks Fifth Avenue, Bloomingdale's and Neiman Marcus, as well as in over 350 Stride Rite retail and licensed partner stores.
Robeez is expected to generate annual net sales of approximately $27 million (CDN$30 million) for the fiscal year ending August 31, 2006.
"Robeez is a high-quality, innovative, well-known name in children's footwear with solid growth prospects in North America and internationally and we are delighted to add it to our portfolio of nationally recognized lifestyle brands, including Stride Rite, Keds, PRO-Keds, Saucony, Sperry Top-Sider and Tommy Hilfiger Footwear," said David M. Chamberlain, Stride Rite's chairman and chief executive officer.
"We are also very pleased that Robeez founder Sandra Wilson will remain with the Company as a consultant, as her ongoing participation will ensure the continuation of the unique Robeez design and brand vision."
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