Made-to-order women’s footwear brand Upper Street has acquired its US rival Milk & Honey in what is thought to be a six-figure deal.
The deal took six months to conclude, during which time Upper Street raised £750,000 of capital. As a result of the takeover, the London company has more than doubled its customer base.
Milk & Honey was set up 2010 with a website that lets shoppers customise their shoes, and has a global distribution platform. Upper Street was founded in the same year by sisters Julia Grinham and Katy Chandler. The online business also allows consumers to design their own shoes, which are available in sizes 33 to 44 (1.5 to 10.5 in UK sizes).
Grinham said: “We’re extremely excited to be taking on Milk & Honey’s existing loyal following as we continue to build our luxury design-your-own shoe brand globally. The luxury footwear market is worth £87bn but for those women who want individuality to reflect their style there is very little choice. Upper Street is growing as a brand and the acquisition of Milk & Honey shoes was a natural progression for us into the US market.”
The £750,000 investment is also being used for a variety of other projects, including opening Upper Street’s first store, introducing new shoe shapes, styles and materials, and launching a new website with a mobile-optimised 3D shoe design tool.