TSL Express Daily News

Authentic Brands Group has scooped up Rockport, adding another heritage shoe brand to its growing portfolio.

The company behind dozens of brand and retailer acquisitions announced on Wednesday that the U.S. Bankruptcy Court for the District of Delaware approved the sale transaction of Rockport, a Newton, Massachusetts-based footwear label. Rockport said in June that it filed for Chapter 11 bankruptcy and would put itself up for sale. At the time, the brand said this move was to help it “review and restructure” its assets for the benefit of all stakeholders and to better position it for future growth opportunities.

As of late last month, Authentic had emerged as the stalking horse bidder for Rockport, according to a report in WWD. Terms of the bid were not disclosed, but WWD reported that Authentic said it would need to be reimbursed $1 million for expenses related to the deal if it did not go through, as well as a $1.6 million break-up fee.

Authentic Brands Group has scooped up Rockport, adding another heritage shoe brand to its growing portfolio.

The company behind dozens of brand and retailer acquisitions announced on Wednesday that the U.S. Bankruptcy Court for the District of Delaware approved the sale transaction of Rockport, a Newton, Massachusetts-based footwear label. Rockport said in June that it filed for Chapter 11 bankruptcy and would put itself up for sale. At the time, the brand said this move was to help it “review and restructure” its assets for the benefit of all stakeholders and to better position it for future growth opportunities.

As of late last month, Authentic had emerged as the stalking horse bidder for Rockport, according to a report in WWD. Terms of the bid were not disclosed, but WWD reported that Authentic said it would need to be reimbursed $1 million for expenses related to the deal if it did not go through, as well as a $1.6 million break-up fee.

In a statement, Authentic CEO, founder and chairman Jamie Salter said that Rockport is a “perfect addition” to the company’s portfolio, given the brand’s resonance with active consumers. He noted Rockport’s potential for category expansion into apparel, accessories, outerwear, travel and more.

“There is a significant addressable market, presenting opportunities for the brand to evolve into a full lifestyle offering with a focus on innovation and comfort,” Salter said.

Authentic also said it has signed a long-term licensing agreement with Marc Fisher Footwear, making it Rockport’s U.S. footwear partner that will oversee footwear design as well as wholesale and e-commerce operations. Marc Fisher also partners with Authentic for its Nine West, Hunter and Bandolino brands.

“We are excited to partner with Authentic on Rockport, a brand with great consumer equity,” said Marc Fisher, CEO of his eponymous company. “Rockport’s strong connection to its core consumer presents compelling growth opportunities within the men’s footwear market, and we look forward to continuing to build upon its foundation with Authentic.”

Authentic said it will announce more brand partners for Rockport in the coming months to help expand its reach into new regions and categories. The company added that its portfolio will generate more than $29 billion in annual retail sales worldwide when it closes its deals for Rockport and Boardriders next month.

Authentic has been behind many of the fashion industry’s biggest deals in recent years, including Hunter Boots, Vince, Ted Baker and Reebok.