Sherman Oaks-based Cherokee Global Brands acquired Flip Flop Shops in Irvine for $12 million in cash, according to documents filed with the U.S. Securities and Exchange Commission.
The chain sells casual footwear and accessories by OluKai, Sanuk, Cobian, Havaianas, Quiksilver, ROXY and Reef. It began franchising in 2008 and has more than 90 stores in the U.S., Canada, the Caribbean, Middle East and South Africa, as well as about 100 in development worldwide.
“We look forward to joining forces with the Cherokee Global Brands team and leveraging their expertise,” Flip Flop President Brian Curin said in a statement. “Their ability to quickly build scale will be particularly beneficial as we roll out new shops and establish Flip Flop Shops as a globally recognized specialty retailer.”
Cherokee maintains licensing agreements with apparel and footwear brands, including Carole Little, Tony Hawk, Liz Lange, Everyday California and Sideout.
