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DVS footwear will still be lead by a Dunlap brother and the company that now has the license to make DVS footwear is committed to the action sports channel, Kevin Dunlap said this morning.
Kevin said DVS’s new relationship with Elan Polo International, a large, Midwestern-based maker of footwear, is actually a great thing for the brand.
Elan Polo has 110 factories around the world and a wealth of expertise and infrastructure that can help DVS going forward, Kevin said. Elan Polo makes every kind of shoe from basic to technical, he said.
Elan Polo has also committed to a healthy and generous marketing and athlete budget, which affirms its commitment to keeping DVS in the action sports space, he said.
Elan Polo has retained nearly all of DVS’s employees and DVS is staying in its current offices in Westminster. The sales reps will also remain the same.
Kevin will serve as President and brother Mike Dunlap will remain with the brand as well.
Brian Dunlap is moving with the Matix brand to its new owners, Westlife Distribution.
Kevin described the executives from Elan Polo as super generous, sincere and humble in a Midwestern way. He’s excited that the alliance gives DVS resources, deep sourcing expertise and infrastructure support that it did not have as a standalone company.
“This is going to help DVS rebuild itself,” Kevin said.
Separately, new DVS owners Sequential filed details with the SEC about its deal with Elan Polo.
Sequential received a 65% economic interest in DVS Footwear International LLC, a newly formed company that is a collaboration between Sequential and Elan Polo.
The new company was formed for the purpose of licensing the DVS trademark to third parties for DVS-branded footwear, apparel and apparel accessories.
In exchange for its interest in DVS LLC, Sequential contributed trademarks and other intellectual property rights to DVS LLC. Elan Polo contributed $2.1 million in cash to the newly formed entity, according to Sequential filings.
DVS LLC than granted a footwear license to Elan Polo and an apparel license to RSA & Associates.
The two licensing agreements will provide a total of $15.7 million in guaranteed minimum royalties to be paid to DVS LLC over the next 7.5 years, according to Sequential filings.