AMERICAN EXCHANGE GROUP ACQUIRES FOOTWEAR BRAND, ISLAND SURF COMPANY

NEW YORK, July 9, 2024 /PRNewswire/ -- American Exchange Group, a multi-division industry leader in accessories design, manufacturing, wholesale, licensing, and brand building today announced its acquisition of Island Surf Company, a footwear brand synonymous with coastal comfort and style.

Founded in 2008, Island Surf Company is celebrated for its dedication to crafting high-quality and comfortable footwear infused with the essence of island living. Their nautically-inspired, lightweight, and durable styles are designed for comfort on land and performance in the water. Utilizing proprietary technologies, Island Surf Company economically creates products with superior comfort, performance, and support. These technologies include lightweight, comfortable recovery foam, shock-absorbing return energy cushioning, a contoured footbed for cradled support, water-resistant vegan-friendly durable leather alternatives, and a lightweight draining system that lets water freely flow out. The brand's range of men's, women's, and kids' footwear is offered at an accessible price point, appealing to a diverse consumer base.

Island Surf Company will become a division of White Mountain Footwear, a brand that American Exchange acquired in January 2023. Island Surf Company will benefit from White Mountain's established infrastructure, sourcing capabilities, retail partners and decades-long expertise in the industry. Leveraging White Mountain's headquarters in Massachusetts this strategic alliance aims to drive growth, explore synergies, and expand market presence. Joe O'Brien, the current CEO of Island Surf Company, will continue to lead the brand, ensuring continuity and fostering collaborative opportunities with White Mountain Footwear.

"We see tremendous potential with the acquisition of Island Surf Company," said Alen Mamrout, CEO of American Exchange Group. "The synergy between White Mountain and Island Surf Company will allow us to broaden the brand's reach and transform it into a complete lifestyle brand. There are extensive opportunities to expand Island Surf Company into various categories through strategic licensing, utilizing our shared resources and expertise to maximize its market impact and appeal."

"We are excited to join forces with American Exchange Group. This acquisition marks a new chapter for Island Surf Company, allowing us to expand our footprint and bring our coastal-inspired footwear to a broader audience. We look forward to leveraging our shared strengths to enhance our product offerings and deliver exceptional value to our customers" said Joe O'Brien, President of Island Surf Company.

"We view this acquisition as a strategic move to expand our market presence and introduce Island Surf Company's innovative product lines to our established retailer network. This step is part of American Exchange Group's broader strategy to deepen our commitment to delivering products that align with our customers' evolving needs," said Steve Velasquez, Chief Strategy Officer of American Exchange Group.

Island Surf Company is currently sold at Amazon, Beall's Department Stores, Beall's Outlet, Boscov's, TJX Group, Shoe Carnival, Shoe Show and more as well as www.islandsurfcompany.com.

About American Exchange Group:

American Exchange Group is an industry leader in fashion accessory products and brand management. By facilitating distribution to major retailers internationally for their globally recognized brands, custom private label brands, and exclusive licensed brands—including footwear, tech wearables, watches, jewelry, handbags, fashion accessories, and beauty—American Exchange Group raises the bar by disrupting the status quo with value and quality, while staying at the forefront of trends.

Expertise in brand strategy, marketing, sourcing, operational logistics, and digital innovation allows American Exchange Group to transform brands and forge connections with best-in-class, strategic and retail partners. Their consumer-centric approach ensures sustainable growth and long-term value. Boasting a comprehensive portfolio of iconic owned and licensed brands, American Exchange Group remains at the forefront of the industry, driving the creation of compelling brand experiences. www.axnygroup.com

About Island Surf Company

Island Surf Company is a nautically-inspired footwear company. Economically crafted for comfort on land and performance in water, Island Surf Company footwear ensures that there is value in every shoe.

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SOURCE American Exchange Group