Sharper Image is being sold off by Iconix Brand Group. Sharper Image is known for its sales of electronic gadgets as well as neck massagers and is being sold at the price of $100 million in deal of all cash to a company that just recently purchased FAO Schwarz.
The company acquiring Sharper Image is ThreeSixty Group based in California, which makes and distributes toys as well as other consumer products to more than 70,000 retail stores in the U.S.
AEA Investors LP a private equity company backs ThreeSixty, which made the headlines in October with its acquisition of FAO Schwarz from Toys R Us.
Kirk McLean the ThreeSixty Group co-founder said that as the brand’s licensee for close to ten years, the company understands the name Sharper Image has power.
He added that ThreeSixty would invest in Sharper Image by increasing product development as well as through exploring new types of opportunities such as expanding into new product categories and new geographic areas.
Iconix said the proceeds from the sale would be used along with some more cash, to pay down its debt of $115 million.
Founded as just a catalog in 1977 that sold different and unique items, Sharper Image expanded into more than 300 retail stores and enjoyed a period as a publicly traded enterprise prior to filing for bankruptcy protection during 2008.
After that, 86 stores that remained open were then closed in the U.S. and the brand become just a retailer online and through selling Sharper Image good in major retail stores such as Bed Bath & Beyond and Best Buy.
The brand has been owned since 2011 by Iconix Brand when its intellectual property assets and brand were acquired for a price of $65.5 million.
The majority of bestsellers on the website of Sharper Image today are in its electronics category that includes a photo printer for a smartphone, the hover board, foot and neck massagers as well as drones.
Although, the brand still has good recognition factors, the headlines that are most high-profile related to Sharper Image in 2016 involved the Trump Steaks short-lived promotion during 2007. That caught the attention of the media when Donald Trump was campaigning for the White House.
ThreeSixty Group has licensed the brand Sharper Image for the past 9 years, making slippers, home décor and drones under the brand name.