Pentland Brands Limited announced an investment in the Californian casual lifestyle sneaker brand, SeaVees.
The investment, which is part of the Group’s portfolio development program, will support SeaVees ambition to grow the business within the U.S. and internationally. The size of the investment was undisclosed.
Established in 1964, SeaVees pioneered the transformation of the sneaker from gym shoe to casual shoe. The brand was rediscovered by owner Steven Tiller, after a chance encounter in a Tokyo thrift store which led to the rebirth of a forgotten American original. Tiller was a former footwear designer for brands including Cole Haan and Sperry.
The investment combines Tiller’s footwear market knowledge and creative direction with Pentland’s expertise in growing international footwear brands.
Chirag Patel, global strategy director, Pentland Brands, says, “Our portfolio development program looks for high potential, high growth brands, so SeaVees is a great addition to our portfolio of footwear brands. We have a strong track record of investing in brands in the long-term, so our plan is to give Steven and his team space to build the SeaVees brand, while giving them access to the size and scale of our network that, as a global brand management company, Pentland can offer.”
Steven Tiller, CEO, SeaVees, says,“Since the resurrection of the SeaVees brand in 2010, we’ve been intensely focused on creating timeless product of extraordinary quality and establishing an authentic voice with our customers. Pentland’s world-class resources and impeccable reputation in brand building make them the ideal partner for the next chapter of SeaVees.”
Pentland, based in Lond0n, owns Berghaus, Canterbury of New Zealand, Speedo, Boxfresh, Ellesse, KangaROOS, Mitre, Prostar and Red or Dead. It’s also the global licensee for Lacoste Chaussures and Ted Baker footwear, the UK licensee for Kickers, and are shareholders in other companies such as Hunter Boot, Butterfly Twists, Heidi Klein and Tracksmith. The Group is also the majority owner of JD Sports Fashion Limited, which operates over 800 sports, fashion and outdoor stores across Europe. Pentland has $3 billion in annual revenues.