Just a couple of weeks after announcing its relationship with Target is coming to an end, Cherokee Global Brand has gone shopping. The California-based group has acquired Flip Flop Shops, a franchise retail chain that offers the latest styles of flip flops, casual footwear and accessories.

In 2014, licensed revenues from the sale of the Cherokee brand at Target accounted for circa 43 percent of the company’s total revenues. As the agreement with Target is set to expire in 2017, the multi-branded licences owner is looking for new ways to keep the business expanding.

Henry Stupp, CEO at Cherokee explained how “excited about adding Flip Flop Shops to our global brand portfolio” they are. “It's not often you come across such a rare combination of a seasoned leadership team, perfect portfolio alignment and seamless integration with our unique business model. Our goal has always been to become the global leader in marketing, selling and distributing a balanced portfolio of brands. Through our acquisition of Flip Flop Shops, we will join the ranks of innovative speciality retailers that successfully operate similar concepts focused on products such as sunglasses and baseball hats."

Through the acquisition, Cherokee says it will continue adding new franchises as it expands Flip Flop Shop's assortments of flip flops, casual footwear and accessories by offering new brands from its portfolio, including, Cherokee, Tony Hawk, and Everyday California.

Further explaining the acquisition, Stupp added: "Our mantra, 'think like a retailer', has guided our business since inception. With the acquisition of Flip Flop Shops, we now have the opportunity to 'act like a retailer' and expand our direct relationships with consumers in the process. We believe Flip Flop Shops will soon become the most recognised retail brand for flip flops and casual footwear in the world."

Flip Flop Shops currently has over 90 retail franchise shops in the U.S., Canada, Caribbean, Middle East and South Africa, and over 100 additional retail shops already in development worldwide. Its locations carry assortments of recognized brands including OluKai, SANUK, Cobian, Havaianas, Quiksilver, ROXY, and Reef.