Sigerson Morrison sells majority stake

Luxury footwear company Sigerson Morrison has sold a majority stake to US footwear firm Marc Fisher LLC in an effort to expand the company. The 15-year old company, which started off making bespoke shoes for private clients, currently has two lines and a high-end bag collection. "It's a hug move for us," Kari Sigerson, co-founder with Miranda Morrison, told WWD. The duo will remain as co-creative directors of the brand. "We've always been our own little independent brand, but it was frustrating for us. We have this great product, but we haven't had the magic stuff to grow it. There's always been some aspect we wanted to conquer that we just couldn't. And now it's like we're unlocking that secret room." Earlier this year, the duo told WWD that it was looking for investors. "It's been a long and hard road," Sigerson continued. "We worked for a long time just to mentally prepare ourselves for this type of deal and get all the documents together. Then we did a lot of homework and met with a lot of people, including private equity companies and huge fashion conglomerates. It came down to three incredible offers."The choice of Marc Fisher, which is headed up by Nine West co-founder Jerome Fisher's son Marc Fisher, was based on his passion for footwear, Morrison said. "To see them at work with their shoes and hear them talk about their sector of the business made it feel like home," she said. "The firm also shares our entrepreneurial spirit and respects our DNA." Sigerson Morrison's 32 employees are expected to remain with the company and will continue to be based in New York. The first items on the list after the acquisition include expanding the label's product offering by possibly adding eyewear and fragrance, expanding its retail stores - the company currently has four boutiques worldwide - and opening a flagship in New York. Wholesale will also be boosted; the brand currently wholesales to about 250 locations worldwide, including Harvey Nicholes in London. In addition to adding more staff, the search is on for Sigerson Morrison's first chief executive. Fisher told WWD that he has always wanted to "get into the better shoe market" when he started his company. "I've always loved the Sigerson Morrison brand and found Kari and Miranda to have a great eye," he said.