Premium denim maker Joe's Jeans Inc. on Tuesday said that it is expanding into the women’s shoe market after signing a manufacturing and distribution licensing deal with shoemaker Burano LLC.
The Los Angeles company said branded ballet flats are now being shipped that expected to retail for between $120 and $145. Wedges, flat sandals and casual heels are expected to ship next month, with boot expected to hit stores in July.
“The shoes will have a vintage look with a feminine vibe and sexy attitude,” the company said in its announcement. “The offerings will include soft, draping leathers in rich colors and a focus on intricate detailing on the soles.”
The initial term of the agreement with Burano is three years, with minimum net sales commitments of $5.5 million over the term.
“We believe our new line of Joe’s branded footwear will contribute to continued brand name recognition and overall growth for 2010,” said Chief Executive Marc Crossman, in a press release.
Shares closed up 3 cents, or 1 percent, to $2.74 on the Nasdaq.
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