New York-based retailer Seahawk has been approved to buy the iconic brand for $100.4 million, Bloomberg reports.
The deal is expected to close by the end of this month.
The retailer, founded in 1985 by Seahans founder and namesake, said in a statement that it has enjoyed its first year as an online retailer in the US since the 2008 global financial crisis.
It also said it expects to see its revenue rise 15% in the next 12 months as customers begin to shop online and return to the brand.
The company also plans to open up stores in cities around the world.
The purchase will allow Seahawks to focus on more important markets, the retailer said.
“As we continue to grow our brands in the global retail landscape, we’re confident that this acquisition will allow us to continue to make our brands more relevant to our customers around the globe,” said Paul Tassi, Seahaws chief executive officer, in a blog post.
“Our customers want our brands to be at the forefront of their shopping experiences, and Seahs will continue to be a leader in this space.”
Seahas founder, Charles Seahakis, who died in 2014, was a visionary designer and inventor who launched the brand with his first Seahaven collection in 1965.
He died of cancer in 2013 at the age of 81.
The founder of Seaharkets, Charles’ son and namesake Charles, will remain the company’s chief executive.
The acquisition will give Seahakes an opportunity to further enhance its brand and brand identity, according to the statement.
The brand’s current focus is on fashion and accessories, according Seahankes statement.