Pickerington, OH—R.G. Barry Corp. has integrated its former China-based sourcing agent into its baggallini division, the company announced today.
The integration brings the extensive expertise of the privately-owned sourcing entity in all phases of handbag development, sourcing and supply to R.G. Barry’s growing handbag division.
As part of the transaction, which was completed for $1.2 million, R.G. Barry also acquired the principal working assets of the Hong Kong-based Mosey Co., Ltd., along with the Mosey consumer fashion handbag brand.
“From a purely strategic standpoint, this is an exciting addition to our growing handbag coalition and to our future,” said Greg Tunney, president/ceo. “It institutionalizes within our business a wealth of expertise in sourcing a product category that we expect to grow to the size of our accessory footwear business within the next 3-to-5 years.”
“This action adds significant core strength, experience and knowledge to our current China-based sourcing team, while reducing duplication and costs within our handbag sourcing model,” Tunney said.
“Functions in both China and Portland that fall under this transaction will be consolidated within our existing baggallini operations,” added Jose Ibarra, senior vice president finance, chief financial officer. “As with our past acquisitions, R.G. Barry will benefit from backroom synergies. We expect all functions to be fully integrated by our fiscal year-end.”
Besides its Dearfoams slipper business, R.G Barry has expanded on its handbags business, too, which includes baggallini and KIVA.