FAO Schwarz buys Best & Co.
Deal expands toy retailer's reach into lifestyle brands
From Playthings -- Kids Today, 11/14/2007 10:07:00 AM
FAO Schwarz has acquired Best & Co. , an upscale retailer and manufacturer of luxury children’s apparel and accessories, for an undisclosed sum.
“The acquisition of Best & Co. is a strategic addition to the FAO Schwarz portfolio,” said Ed Schmults, FAO Schwarz CEO. “It will further transform FAO Schwarz into a comprehensive lifestyle brand.”
Best & Co. currently has a flagship store in Greenwich, Conn., and a boutique in Bergdorf Goodman in New York City. The original company was founded in 1879 and operated in New York and along the East Coast until 1971. Susie Hilfiger, ex-wife of fashion designer Tommy Hilfiger, re-established Best & Co. in 1997 with the opening of the Connecticut store. The Bergdorf boutique opened in 2001.
“FAO Schwarz plans to expand the Best & Co. brand through selective wholesale and international distribution,” said Schmults. “We will also place a strong emphasis on Best & Co.’s catalog and Web site, which will drive brand recognition, traffic and sales worldwide.”
Select items from FAO Schwarz’s private label toy collection will be featured in the Greenwich store beginning with the 2007 holiday season.
As part of the terms of the acquisition, Hilfiger will remain creative director of Best & Co.
"FAO Schwarz is renowned for offering the most imaginative toys and gifts in the world and is loved by children and their parents,” said Susie Hilfiger. “From the beginning, my vision for Best & Co. was to create a charming shopping environment for families offering the best children’s product in the world and to bring back the trusted heritage of the original store. There is great synergy between these two companies and today marks an exciting new chapter for Best & Co.’s continued growth.”
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