In its second-largest acquisition, Amazon buys the company for $970 million.
The comfort footwear retailer adds fitness shoe brands to its portfolio.
Brown Shoe Co. Inc. has bought American Sporting Goods Corp., a move that broadens Brown’s product line to include performance athletic footwear brands And1, Avia and Ryka.
Brown Shoe designs and markets Dr. Scholl's, Naturalizer, LifeStride, Franco Sarto and other brands. The company operates FamousFootwear.com and Shoes.com, No. 182 in the Internet Retailer Top 500 Guide.
With the acquisition, the company says it will be able to better meet growing demand for products that support healthier lifestyles. “We also gain talent with capabilities that can be applied across our enterprise—designers skilled in creating technical athletic footwear as well as sales and leadership teams experienced in reaching retail partners and consumers within the healthy living trend,” says Brown Shoe president Diane Sullivan.
American Sporting Goods CEO Jerry Turner will remain with Brown Shoe as a consultant for one year to assist with transition. "Brown Shoe is recognized for its ability to develop, grow and market footwear brands in a consumer-focused way, and this was at the core of our decision to make American Sporting Goods part of the Brown Shoe family," Turner says.