Top 500 retailer ShoeBuy breaks into the footwear manufacturing business
January 27, 2015 01:05 PM
ShoeBuy.com Inc., a 15-year-old web-only retailer of shoes and apparel, has acquired a minority stake in startup men’s footwear brand Boston Boot Co.
Neither retailer disclosed financial terms of the deal.
Boston Boot Co. got its start in 2013 via a fundraising campaign on crowdfunding site Kickstarter.com. The company blew past its fundraising goal of $25,000 and raised nearly $250,000. It shipped its first boots in spring 2014.
It sells four styles of boots ranging from $197 to $347 a pair. These products are now available for purchase on ShoeBuy.com, in addition to BostonBootCo.com.
ShoeBuy.com, ranked No. 100 in the Internet Retailer 2014 Top 500 Guide, says the deal marks its first foray into footwear manufacturing.
“Boston Boot Co., with its commitment to and passion for quality, brings a new business, new expertise and new opportunities to ShoeBuy,” says Mike Sorabella, ShoeBuy.com’s CEO.
ShoeBuy.com generated an Internet Retailer-estimated $315.0 million in online sales in 2013, up 10.3% from $285.6 million in 2012.