Sport Brands International has signed a definitive agreement to sell Enyce, its young men's and women's urban sportswear brand, to Liz Claiborne, Inc. for a purchase price of approximately $114 million on a debt-free basis. The sale is subject to customary closing conditions and is expected to be completed in early December.
Recognized as one of the most innovative and fashion-forward urban sportswear brands on the market, Enyce and its sister brand, Lady Enyce, have been widely accepted by leading influencers in popular culture including professional athletes and personalities from the world of music and entertainment.
The company's name stands for the phonetic pronunciation of NYC where the brand was created and which remains the epicenter of fashion and culture and a continuing source of inspiration for the brand's apparel collections.
In making the announcement of the agreement to sell Enyce, Bob Galvin, Chief Financial Officer of SBI said, “Evan Davis, President of Enyce, and his team have done a remarkable job of creating and building this brand into a highly successful business. Their success in a highly competitive market and their enormous upside is what made the brand so attractive to Liz Claiborne.”
“We wish Evan and his team all the best as they begin this new chapter in Enyce's history.”
“Following completion of the sale of Enyce,” Galvin continued, “we will focus SBI's efforts on the growth of the Fila brand and the continued growth of our Ciesse Piuimini winter-sports brand.” Fila and Ciesse were purchased along with Enyce by SBI earlier this year.
