Cherokee has acquired the worldwide Tony Hawk and Hawk signature apparel brands from Quiksilver for an all-cash purchase price of $19 million.
Tony Hawk, the most dominant athlete in skateboarding history, is the founder of Tony Hawk clothing which was originally sold to Quiksilver in 2000.
The brand will continue to be exclusively licensed in the US to Kohl’s Corporation, with Tony Hawk clothing and accessories sold in 1,158 Kohl’s Department Stores and online.
Hawk was ranked the number-one vertical ramp skateboarder in the world every year from 1984 to 1996 and is best known for completing the first documented 900-degree aerial spin at the 1999 X Games. Over the past 12 years, the Tony Hawk Foundation has donated over $4.6 million to help create 537 skateparks throughout the U.S. Hawk continues to be the most prominent athlete bridging action sports with the consumer market, solidifying his legacy as the 'Original Innovator' promoting board culture worldwide.
Tony Hawk commented on the acquisition: "I’ve been working closely with the Cherokee team and will continue to be actively involved in the brand’s development, connecting with fans and action sports enthusiasts worldwide. I am very excited to be working with Cherokee and to continue the line’s successful relationship with Kohl’s while expanding our relationships globally."
Henry Stupp, Cherokee’s CEO, added: “The acquisition of the Tony Hawk signature apparel brand is a great way to start the New Year for Cherokee.
"This is Cherokee’s third strategic acquisition in just over a year. We identified the Tony Hawk brand for a variety of reasons including the opportunity to further expand into the department store and specialty channels of distribution globally.
"We expect the transaction to be immediately accretive and look forward to continuing to execute our long-term growth plan that seeks additional new markets for our existing brands; expands our product offerings with our current partners; and identifies additional lifestyle brands to add to our portfolio.”