Funko acquires Southern California accessories company Loungefly
Loungefly specifically designs and develops unique handbags and accessories featuring a variety of characters owned by licensed brands. In addition to Disney and Sanrio, Loungefly holds accessories and handbag licenses for Star Wars, Marvel and Pokemon.
Brian Mariotti, Chief Executive Officer of Funko said, “As we continue to extend our business into new and existing categories, this transaction provides us with key capabilities in the accessories and handbag category."
Loungefly was founded in 1988 in Chatsworth, CA. It designs and develops licensed products that are sold nationwide across retail channels of boutiques, department and specialty stores.
Trevor Schultz, founder of Loungefly commented, “As a leader in pop culture consumer products, Funko is the ideal partner for Loungefly’s portfolio of licensed and branded lifestyle accessories."
Schultz pointed to increased distribution and exposure to additional licenses as being advantageous for Loungefly as a result of the acquisition.
Funko is based in Everett, WA. Its business centers on design, sourcing and distribution of collectible licensed products.
Mariotti shed more light on the acquisition strategy saying, "We see tremendous opportunities to combine [Loungefly's] creative design process with our speed-to-market capabilities, expanded distribution channels and broad license portfolio to deliver accessories to our loyal fans featuring their favorite pop-culture icons and characters.”
Financial terms of the agreement were not disclosed.
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