Titan Global Holdings picks up GBMI assets
Following on from reports of the closure of all of the operations of California-based footwear designer Global Brand Marketing Inc. (GBMI) in November, holding company Titan Global Holdings, Inc. has purchased the majority of all of the assets of the company including inventory, accounts receivable and intellectual property assets through its recently formed wholly-owned subsidiary Titan Apparel Inc, which include the brands Dry-shod, No Mass, Mehandi and Funflopps as well as the global licence for brands such as Nautica, Sean John and 7ForAllMankind.
Before it ran into difficulties, the company sold its footwear products in 130 countries worldwide and had sold over $1 billion worth of footwear since 1996.
Commenting on the acquisition Kurt Jensen, chairman of Titan Apparel, Inc. said: “GBMI and its founder Killick Datta enjoyed a storied history and in the process have aggregated a highly talented and seasoned management team. We see exceptional long-term growth opportunities from this exciting new acquisition. We are looking forward to building on the past success that Killick and his team have achieved as a means to building additional value for our shareholders.”
In addition to the asset purchase, Titan Apparel has also hired the core of executives which currently leads GBMI, including Killick Datta, its founder.
