US-based Stikeleather Apparel Holdings has acquired online apparel retailer White Plum.
Financial terms of the deal have not been disclosed.
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Designer of men’s clothing and fashion accessories, Stikeleather uses its patented magnetic closure technology.
In the future, it plans to offer seamless closure designs to female customers who regularly purchase their clothing online from White Plum.
White Plum generates $9.5m in annual revenues.
Belmont Acquisitions Corp managing director Jon Tullo advised on the deal and arranged financing.
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By GlobalDataStikeleather Holdings CEO Ian Stikeleather said: "When Jon Tullo introduced the idea of acquiring White Plum to me, I immediately saw the vision to move the company to Los Angeles to take advantage of the depth of talent in the garment industry, and also the opportunity to create innovative designs for young women that would eliminate the bumps and seams that other closure designs cause in women’s fashion.
"By combining both companies, I could create scale and increase revenues dramatically."
Tullo said: "We, at Belmont, really listen to our clients and, after consulting with Ian, I understood his vision for Stikeleather. That allowed us to find just the right target acquisition to fit his needs and arrange 100% of the financing."
Stikeleather intends to boost the company through several approaches, as well as intends to relocate White Plum from Modesto, California, to Stikeleather’s headquarters in Los Angeles, in the near future.
