Catch Group, owner and operator of Catch Of The Day, has acquired the Pumpkin Patch brand and intellectual property assets.
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The iconic New Zealand childrenswear retailer was forced to close all of its Australian and New Zealand stores after receivers failed to find a buyer for the business which collapsed into administration in October 2016.
Pumpkin Patch will be relaunched in early FY 2017 as an online store. The company is also considering opening concession stores in the future.
The deal is an example of younger online-only retailers acquiring heritage brands that have gotten themselves into trouble.
Last year online electrical retailer Kogan saved the Dick Smith brand when its then-business was no longer viable, acquiring it and relaunching it as an online-only ecommerce venture.
And online retailer Booktopia jumped at the chance to buy the Angus & Robertson brand in 2015.
“There is a strong history of passion for the Pumpkin Patch brand locally and internationally. As parents of kids who wear and love Pumpkin Patch we couldn’t just sit back and let the brand disappear,” said Nati Harpaz, CEO, Catch Group.
The acquisition signals a shift in the Catch Group’s strategy, shifting away from daily deals towards a higher value customer by bringing on board more premium brands.
The deal includes the Pumpkin Patch database, local and international trademarks, product designs and innovations.
“Strategically this deal supports our renewed vision to grow the number of premium brands on offer and achieve scale by expanding into new categories and growing customer numbers,” said Harpaz.
Over the last six months, Catch Group has seen more than 10 per cent growth in top line sales and more than 30 per cent increase in gross profit due to better merchandising, promotions and smart customer acquisition strategies.