IRVINE, Calif., Dec. 31 (UPI) — The Sharper Image brand was sold for $100 million in cash, new owner ThreeSixty Group Inc. announced Friday.
The Sharper Image, known for gadgets and household luxury goods since it was founded as a catalog company in 1977, grew to include more than 300 retail locations before its 2008 bankruptcy. It emerged as an online retailer and supplier of Sharper Image-branded products to stores like Best Buy and Bed Bath & Beyond. It has been owned since 2011 by Iconix Brand Group, which said it will use the proceeds from the sale to pay down debt.
The California-based ThreeSixty Group purchased iconic toy seller FAO Schwartz from Toys “R” Us in October.
“Sharper Image is synonymous with innovation and unique, ‘giftable’ product designs offered across a wide variety of consumer product categories. As a licensee of the brand for almost 10 years, we understand the power of the Sharper Image name and see tremendous opportunity to leverage our platform to continue this tradition of innovation,” said ThreeSixty Group co-founder Kirk McLean.
