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Vera Bradley announced Thursday it has agreed to pay $75 million to buy a majority stake in Creative Genius, the owner of Pura Vida, an online seller of handmade bracelets.
"Pura Vida is a highly differentiated lifestyle brand with uniquely strong products and amazing consumer loyalty," Vera Bradley CEO Robert Wallstrom said in a statement. "We have many similarities in our value-based cultures, in our authentic brands, and in our devoted customer bases and emotional customer connections."
Pura Vida reported net income of $3.8 million on revenue of $68.3 million in 2018.
The La Jolla, California-based company was co-founded in 2010 by Griffin Thall and Paul Goodman. The company sells colorful string or braided bracelets that start from $6 each. The jewelry is made by artisans around the world and are sold online and in retail stores.
The amount Vera Bradley will pay on the deal is subject to potential price adjustments. Also, if Pura Vida reaches certain performance targets, an additional $22.5 million may be paid as a bonus.
Vera Bradley has the right to buy the remaining 25% stake in the company five years after the deal closes. The transaction is expected to be completed in the second quarter.
Vera Bradley shares were up more than 3% in trading Thursday on the news. The stock, which has a market value of $420 million, has gained more than 40% since this year.