Genesco Inc., a leading footwear retailer, has entered into an asset purchase agreement to acquire Togast LLC for US$34 million. New York-based Togast is involved in design, sourcing, and sale of licensed footwear. The transaction is expected to be completed in early 2020.
Togast was a distributor for Levi’s footwear in the USA, before the transaction. In addition to the acquisition of Togast, Genesco will enter into a footwear license agreement for Levi’s and extend its men’s Dockers footwear license. The acquisitions of Togast will bring a new source of revenue for Genesco and strengthen its product development and offshore sourcing capabilities.
Genesco Chairman, President, and Chief Executive Officer Robert J. Dennis said, “The acquisition of Togast adds scale to our successful licensed brands platform. The combination of our licensed business with Togast’s strengths furthers our footwear focused strategy by creating an even more robust platform within Genesco that can serve multiple tiers of distribution. We are also excited to add the Levi’s footwear license to our portfolio and expand upon our long-standing business relationship with Levi Strauss & Co., which dates back to 1991.”
Prominent investments by Genesco are mentioned below:
- April 2019: Genesco Inc. had completed the sale of its Lids Sports Group to FanzzLids Holdings for $101 million.
- April 2018: Genesco Inc. has entered into a cooperation agreement with Legion Partners Asset Management, and 4010 Capital.
About Genesco Inc.
Genesco, headquartered in Tennessee, the USA, is a leading retailer of branded footwear and accessories. The company operates approximately 1500 retail stores throughout the USA, Canada, the United Kingdom and the Republic of Ireland. The stores are mainly under the names of Journeys, Journeys Kidz, Schuh, Schuh Kids, Little Burgundy and Johnston & Murphy. The company also sells wholesale footwear under the Trask brand, the licensed Dockers brand, and other brands.