No items found.

Weyco Group Acquires Forsake Brand

Share:

Forsake, an outdoor footwear brand known for its “sneakerboot” styles and for mixing casual style with rugged outdoor performance footwear, has been acquired by Weyco Group, the publicly traded parent company of the Florsheim, Nunn Bush, Stacy Adams, BOGS and Rafters brands. Weyco has acquired substantially all of the operating assets and certain liabilities of Forsake, agreeing to pay $2.5 million plus potential earnouts over five years for the receivables, inventory and intellectual property of Forsake.

Forsake, which has operated out of Buffalo, NY since early 2019 after securing a $500,000 award from the 43North Accelerator program for start-ups, will relocate to Portland, OR, where it will join BOGS to form Weyco Group’s outdoor division. Forsake co-founders Jake Anderson and Sam Barstow will continue to lead the Forsake business under Weyco ownership.

Weyco Group’s extensive infrastructure, including its design, sourcing, distribution and ecommerce capabilities are expected to help fuel Forsake’s growth. Due to impacts from the pandemic, Weyco’s total North American sales in 2020, retail and wholesale combined, fell 36 percent to $195.4 million. The company’s biggest segment is BOGS/Rafters where 2020 sales dipped 2 percent to nearly $49.3 million.