Genesco acquires 59-store U.K. retailer
Nashville, Tenn. -- Genesco announced Thursday that it has acquired Schuh Group, a specialty retailer of casual and athletic footwear based in the United Kingdom.
The purchase price was $159 million.
Headquartered in Scotland, Schuh operates 59 stores in the United Kingdom and Republic of Ireland, 16 concessions in Republic apparel stores and one of the U.K.'s largest online shoe websites.
"Schuh provides us with an immediate and established retail presence in the United Kingdom, a highly experienced international management team, and improved insight into global fashion trends,” said Robert J. Dennis, chairman, president and CEO of Genesco.
Dennis added that the concept is similar to Journeys in customer demographics, product offering and operating philosophy, “so it is a business we know and understand.”
Genesco operates the Journeys, Lids, Johnston & Murphy and Underground Station banners.