Brown Shoes Has Completed The Acquisition Of 50% Stake In Edelman.
According to foreign media reports, Brown Footwear Company (BWS) said on Monday that the company has completed its acquisition of the remaining 50% shares of Edelman Shoe Inc brand EdelmanShoeInc., the founder of Edelman fashion shoes, with a value of 39 million 600 thousand dollars in cash and stock.
Brown footwear company said the acquisition would help expand its brand portfolio for its customers.
Brown shoes has its own product brands including Naturalizer, FrancoSarto and Dr.Scholl 1; s.
Brown shoes bought 42.5% of Edelman's shares in 2007 and expanded its stake to 50% in 2008.
Brown footwear industry said Sam Edelman and Libby Edelman, the founder of Edelman brand, will remain the head of the Sam and Edelman department and marketing department.
In midday trading, as of 12:54 p.m. Eastern time, the stock price of Brown footwear company rose 67 cents, or 4.49%, at $15.59 per share.
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