December 2, 2005
Accessory Network Group agrees to purchase LeSportsac Inc., the well-known manufacturer of utilitarian nylon ripstop handbags.
On November 18, it was announced that Accessory Network Group has agreed to purchase LeSportsac Inc., the well-known manufacturer of utilitarian nylon ripstop handbags. The purchase is being facilitated under a newly created affiliate company, Brand Science LLC, which plans to expand LeSportsac’s product categories and open additional freestanding stores. The purchase agreement was made in combination with Itochu Corp., a Japanese conglomerate with annual revenues of approximately $100 billion. New York-based LeSportsac, a 31-year old brand, has annual revenues of around $100 million, and experienced 20 percent growth in 2005. Partner Dan Rubino represented LeSportsac’s CEO, President, and founding family member, Tim Schifter, in the deal.