Bakers Footwear Group, Inc. said it reached an agreement to sell its Wild Pair trademark to Steven Madden, Ltd. The arrangement calls for Steve Madden to purchase the Wild Pair trademark for up to $4 million and enter into a royalty free perpetual license for the marks with Bakers Footwear Group to allow Bakers to continue to offer Wild Pair footwear in its stores, e-commerce and Wild Pair retail stores. Net proceeds to Bakers are estimated to be between $3.3 million and $3.9 million.
“We are pleased to continue the growth of the Wild Pair brand with this transaction,” stated Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group. “Wild Pair, an iconic label known for its sexy, fashion footwear with a 39-year heritage and a highly loyal following has tremendous potential and we believe Steve Madden is the best possible company to take advantage of the significant opportunity that exists to broaden the appeal and reach of the Wild Pair label. The structure of this transaction allows for Bakers to benefit from the future expansion of Wild Pair. We can continue with our current Wild Pair growth in our own stores and website and benefit, indirectly, from the added market share for the brand with a great wholesaling partner such as Steve Madden.”
Edward Rosenfeld, chairman and chief executive officer of Steve Madden, commented, “We are pleased to once again expand our diversified portfolio of brands with the addition of Wild Pair. We look forward to broadening the distribution and reach of the brand while maintaining the brand DNA that has made Wild Pair successful for almost 40 years.”
The agreement contains customary and other provisions.