Caleres, a St. Louis-based footwear company, announced Tuesday that it has acquired a controlling stake in Blowfish Malibu, a Culver City, California-based footwear brand with products that cater primarily to young women.
Terms of the deal were not disclosed. Blowfish Malibu has recorded revenue of about $27 million over the last 12 months, according to a press release from Caleres.
It marks the the second acquisition in just more than 18 months for Caleres, which acquired mens’s footwear retailer Allen Edmonds for $255 million in December 2016.
“The decision to partner with Blowfish Malibu was an easy one, as it allows for continued expansion of our overall business and gives us additional exposure to the growing sneaker and casual lifestyle segment of the market,” Diane Sullivan, CEO, president and chairman of Caleres, said in a press release.
The acquisition was funded by Caleres’ existing cash flow, according to the release, and is expected to add to the company’s earnings within one year.