Cherokee Global Brands has established licensing agreements with two new distribution partners for its Hi-Tec and 50 Peaks brands, the company announced Monday.
The Sherman Oaks apparel licensing company said it has entered into partnerships with Tharanco Group and Interbrand. Tharanco Group, headquartered in Secaucus, N.J., manages retail distribution for 29 sportswear and fashion brands, while New York-based Interbrand designs and distributes footwear and accessories for Rockport, Timber Falls and others in more than 8,000 stores.
The agreements mark the conclusion of the initial phase of Cherokee’s post-acquisition strategy for Hi-Tec, the Dutch industrial footwear brand the company purchased in December for roughly $96 million in cash. The firm announced late last year that it had entered into distribution agreements for the brand with Carolina Footwear in North America and the Batra Group in Europe.
“These deeply-connected, retail-savvy partners will allow us to quickly scale our newest outdoor and active lifestyle brands across multiple channels,” Cherokee Chief Executive Henry Stupp said in a statement. New collections from Hi-Tec and 50 Peaks will be available in retail and specialty outdoors stores in early 2018, he added.
Shares of Cherokee stock (CHKE) fell 30 cents, or 6 percent, on Monday to close at $4.65 on the Nasdaq. Cherokee shares have declined 40 percent since July 6, the day the company announced losses of $900,000 for the fiscal quarter ended April 30.