Flip-flop brand Flojos has been acquired by a Newport Beach, Calif.-based private equity firm for an undisclosed sum.
The Courtney Group announced today it has purchased the family-owned label from husband-and-wife team Nellie and Sheng Yen Lin. Footwear executive John Dickinson, who is a stakeholder in the brand, will take over as CEO.
In a statement, Dickinson said, “The brand was doing well, the owners just wanted to retire and leave the brand with someone who could build upon the heritage.”
Indeed, Flojos has a long history in the flip-flop business. The label was founded in the early 1970s by the Santana family in Guadalajara, Mexico. And over the years, it became well known for its iconic 101 Flojos sandal, a style with cross straps.
Nellie and Sheng Yen Lin purchased the brand in 1996 and grew the mostly men’s business into the women’s market.
Now under the leadership of Dickinson and The Courtney Group, Flojos is poised to undergo a new era of growth.
Tom Courtney, president of The Courtney Group, said in a statement, “We acquired Flojos with a focus on building upon the rich heritage of the brand. Our strategy will include expanding the men’s division, bringing back limited-edition styles, including some of the original sandals from Mexico.”
Added Dickinson, “We see a tremendous opportunity to expand not only here in the U.S. but [globally]. The international opportunities are equally great.”