Iconic Australian shoe company Mountford Shoes has been acquired.
The company, which has an annual turnover of $20 million, has been snapped up by Munro Shoes.
The purchase comes hot on the heels of its recent acquisition of Wanted Shoes, a similarly iconic brand that was taken over by the group less than four months ago.
These acquisitions add to the existing suite of companies, including online retailer StyleTread, retail chains Cinori and Midas, as well as shoe brands Gamins, Mollini, I Love Billy, Top End and Django & Juliette.
Mountfords Shoes is a long-time customer of Munro Shoes and is now set to be embedded fully in its offering.
Managing director Laurie Crockett will retire after 40 years of service, while GM John Parrella will continue with Munro Shoes.
Munro Shows will take over 11 Victorian stores and expand the brand’s retail offering.
“Mountfords are very highly regarded in the industry and come with a strong history behind them. We are looking to build on this and develop the brand by expanding it nationally pretty quickly,” said Bill Munro.
Munro also plans to use its experience from the running of StyleTread to help significantly improve Mountfords’ online business.
It will also the international labels it currently boasts – including Gabor, Josef Seibel and Clarks – to strengthen their current offering further.
“When making the decision to acquire a new company we consider factors such as turnover, profitability, how much of the product fits into our existing portfolio and how much further we can take it,” said Bill Munro.
“We also look at the potential for the product to fit into our existing companies to boost our offering across the board.”
From one family business to another, it’s an exciting time for Mountfords to be joining the steadily growing Munro Shoes.
About Munro Shoes
Munro Shoes is a footwear dynasty. Originated in the 1950s by founding father Graham Munro, it has steadily grown and evolved over the decades, with the acquisition of Wanted Shoes and Mountfords making 2015 its biggest year yet.
The family of five are strong believers in and supporters of Australian retail, currently employing more than 500 staff across their companies nationally.
Kerrie Munro, who heads up product design, and husband Graham, who oversees business strategy, run the group together with their three sons: Jay, director of Wanted; Lee, managing director of StyleTread; and Bill, general manager of wholesale.