Funko Acquires Loungefly
This is news that came out a bit ago, but hasn’t really been covered in geek blogs a whole lot, but has potential for a big impact. Funko, LLC has 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.
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.
The combination of Loungefly and Funko extends Funko’s reach into fashion and has the potential to extend geek fashion further featuring familiar brands. Funko also works closely with Marvel and DC currating geek boxes which already features toys, homegoods, and t-shirts, but with this acquisition I’d expect to see more products from Loungefly being offered as well in their boxes. Funko is also popular in other geek boxes such as Nerd Block and Loot Crate and has a solid footprint in comic and geek speciality shops. Expect Loungefly to expand in that market as well.