Cherokee Global Brands announced Monday that it has acquired the sandal retail franchise Flip Flop Shops.
The Sherman Oaks-based brand marketing firm did not disclose the price paid for Flip Flop Shops, which has more than 90 retail stores worldwide with an additional 100 locations underway. The Irvine company sells a selection of sandals, footwear and accessories in popular brands like Roxy, Reef and Havaianas.
To continue growth in the budding business, Cherokee plans to expand the retailer’s product offerings through e-commerce. It will also continue to add new franchises as the business develops.
Flip Flop Shops aligns well with Cherokee’s no manufacturing-risk business model.
“Our goal has always been to become the global leader in marketing, selling and distributing a balanced portfolio of brands,” Chief Executive Henry Stupp said in a statement. “Through our acquisition of Flip Flop Shops, we will join the ranks of innovative specialty retailers that successfully operate similar concepts focused on products such as sunglasses and baseball hats.”
Cherokee shares closed down 51 cents or 2.8 percent to $18 on the Nasdaq.