Done Deals: Tecovas Grabs $56 Million in Series C Funding + More

Catch all the latest news about footwear industry acquisitions, and licensing and distribution agreements here. Got a deal in the works? Tell us at web@footwearnews.com.

Jan. 13, 2022: Tecovas has secured $56 million in Series C funding, bringing the brand’s total lifetime equity funding to approximately $120 million. The Series C was led by Elephant, which also led Austin-based western footwear, apparel, and accessories brand’s Series A and Series B, and joined by new and existing investors, including Access Capital, Seamless Capital, and Kemmons Wilson Companies. “Our goal at Tecovas is to build the most welcoming brand in western,” said Paul Hedrick, founder and CEO of Tecovas. “This latest funding will allow us to scale our vision and welcome even more customers to the brand. We’ve seen rapid growth since Tecovas’ launch in 2015, and we plan to use the proceeds from this round of funding to continue on that trajectory, investing significantly in hiring, expanding our retail footprint, buying more inventory, and launching many new products.”

Big Deals in Dec. 2021

Dec. 30, 2021: American Eagle Outfitters (AEO) has completed the acquisition of Quiet Logistics and strategic investments for approximately $360 million in cash. Quiet Logistics, which operates a network of in-market fulfillment centers in Boston, Chicago, Los Angeles, Dallas, St. Louis and Jacksonville, will be a wholly-owned AEO subsidiary and will continue to run its business independently. The network will support AEO’s continued growth, while also driving economies of scale as it expands its customer base to other brands and retailers seeking advanced logistics capabilities. The purchase solidifies operational efficiencies for AEO and creates a supply chain platform with significant long-term growth potential. “I am thrilled to officially welcome Quiet Logistics into the AEO Inc. portfolio, cementing a collaborative partnership that has meaningfully contributed to our financial results over the past 18 months,” said Jay Schottenstein, AEO’s executive chairman and CEO, in a statement. “AEO’s unique ability to reduce delivery costs amid rising inflation is a direct reflection of the efficiencies provided by their innovative fulfillment model. Quiet Logistics has a highly experienced supply chain leadership team and I look forward to their partnership as we continue to drive operational excellence and grow the platform into a meaningful business.”

Dec. 14, 2021: Genesco Inc., which owns Journeys, Journeys Kidz, Little Burgundy and Johnston & Murphy has signed a new licensing agreement with running brand Etonic. Under the three year agreement, Genesco will be the brand’s exclusive U.S. and Canadian footwear licensee. The agreement also includes two three-year options for renewal. “Along with our current roster of domestic and international licensees, we continue our work to build the Etonic brand and return it to its rightful place among the best athletic companies in the world,” said Bruce Weisfeld, partner at Etonic Holdings LLC. We are confident that Genesco will honor the Etonic tradition of ‘firsts’ by bringing new product to market through its extensive retail and wholesale platforms.”

Dec. 14, 2021: Prince, a leading tennis and lifestyle brand has inked a partnership with Pajar Canada to design, manufacture, and distribute footwear and outerwear for the brand. Prince is owned by Authentic Brands Group, the brand marketing firm that also owns Forever 21, JCPenney and Reebok. Via the partnership with Pajar Canada, Prince will expand into the footwear category with a new collection of shoes meant to be worn off the court. “Pajar Canada is a highly trusted footwear operator, which brings generations of expertise to this important category for the Prince brand,” said Taryn Washenik, Senior Vice President, Fashion, Classics and Outdoor at ABG. “This new partnership will help to further build out Prince’s lifestyle offerings and presents an opportunity to capture the attention of a new set of fashion tastemakers.”

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