US-based gift retailer Brookstone has selected brand development firm Bluestar Alliance as the winning bidder to sell its intellectual property and related assets.
Selected following a robust auction process, Bluestar’s bid comprises cash and other consideration of over $80m.
Bluestar Alliance CEO Joseph Gabbay said: “There is strong wholesale demand from retailers for Brookstone product, and we are working closely with them to develop a true Brookstone shopping experience within their retail stores and e-commerce shopping channels.
“To keep the heritage and legacy that the Brookstone customer enjoys, our licensees will be committed to offering excellence in product design, keeping with the brand’s mission of product innovation.”
In September this year, Brookstone signed a letter of intent (LoI) with Bluestar Alliance to purchase the brand assets of the company.
Last month, Bluestar’s improved offer was valued at approximately $56.35m, including $50.45m in cash and at least $5.9m in the form of a readily saleable inventory.
According to the company, Bluestar placed a $43m bid to buy the gift retailer in August.
Bluestar Alliance COO Ralph Gindi said: “Brookstone’s unique presence in airport stores across the United States will be the showcase to grow across the globe in places such as Mexico, South America, Europe, Middle East, Southeast Asia, and Australia. The exposure and marketing that comes from these stores is priceless.
“In addition, Brookstone has over 550 stores in China with plans to expand throughout Asia and an E-commerce platform with opportunity for growth. Our social and marketing teams are excited to get the brand message out there in all the new and existing mediums.”
Established in 2006, Bluestar owns and manages a portfolio of consumer retail brands such as Tahari, Bebe, Kensie, Catherine Malandrino, Nanette Lepore, Joan Vass, Michael Bastian, English Laundry and Limited Too.