Transaction Extends Business into New Accessories Categories.
Funko, LLC, a leading pop culture consumer products company, announced that it has entered into an agreement to acquire Loungefly, a premiere contemporary fashion accessories company. Financial terms of the transaction were not disclosed.
Founded in 1998, and based in Southern California, Loungefly designs and sells a wide selection of unique handbags, and fashion accessories under licensed brands that include Disney, Marvel, Star Wars, Sanrio, and Pokémon. Loungefly products are sold through specialty stores, boutiques and department stores nation-wide.
“We have long admired Loungefly and the company’s unique and differentiated collection of accessories and are excited to welcome them to the Funko family,” said Brian Mariotti, CEO of Funko. “As we continue to extend our business into new and existing categories, this transaction provides us with key capabilities in the accessory and handbag category. We see tremendous opportunities to combine their creative design process with our speed-to-market capabilities, expanded distribution channels, and broad license portfolio to deliver accessories to our loyal fans featuring their favorite pop culture icons and characters.”
Trevor Schultz, founder of Loungefly commented, “As a leader in pop culture consumer products, Funko is the ideal partner for Loungefly’s portfolio of licensed and branded lifestyle accessories. We look forward to working with the innovative Funko team to extend our unique product offering into new channels of distribution and licenses.”
Funko is a leading creator and innovator of licensed pop culture products to a diverse range of connected consumers. The Company designs, sources and distributes high-velocity collectible products across multiple categories and recently announced the acquisition of certain assets of London-based Underground Toys Limited (UTL), a leading creator, manufacturer and distributor of licensed products.
Hogan Lovells US LLP is serving as legal counsel to Funko. Intrepid Investment Bankers LLC is serving as financial advisor and Greenberg Glusker Fields Claman & Machtinger LLP is serving as legal counsel to Loungefly.