Timberland has sold its skate brand IPATH, according to a memo sent to Timberland employees yesterday.
Klone Lab, a licensee for New Balance sandals based in Massachusetts, acquired the brand. Terms of the deal were not disclosed.
In the memo, CEO Jeff Swartz said IPATH revenues grew 40% in the past year, and the brand has grown its account base domestically and internationally.
However, Timberland decided IPATH did not fit with Timberland’s core mission to become the No. 1 outdoor company.
Timberland recently said in a quarterly report IPATH has not met the revenue and earnings growth forecasted when it was acquired in August 2007.
Timberland does not break out IPATH revenue in its reports.