Journeys parent makes international acquisition

Journeys parent company, Genesco, announced this morning it has acquired Schuh, a shoe retailer based in the United Kingdom.

Schuh targets 15-24 year olds and has a similar product mix to Journeys.

Journeys is one of the biggest customers – if not the biggest - of many industry footwear brands.

Schuh, headquartered in Scotland, currently operates 59 stores and 16 concessions in the UK and the Republic of Ireland. In its latest fiscal year, Schuh recorded 164 million pounds in revenue, or about $270 million.

Schuh carries industry brands such as Vans, DC, éS and Toms, in addition to other casual and athletic brands and has a significant private label offering.

The acquisition is good news for the industry, as Genesco will likely expand the chain.

Genesco paid 100 million pounds for Schuh, with the potential for 25 million pounds more in incentives if targets are hit.

Genesco also reported that second quarter same stores sales through June 18 rose 15% for the Journeys Group.

Check back in the next hour for more details about this news, including Genesco's expansion plans.