June 27, 2019
Vera Bradley acquires ownership of Pura Vida
Vera Bradley, Inc., an American bag and luggage company has signed a definitive agreement to acquire a 75 percent interest in Creative Genius, Inc., which also operates under the name Pura Vida Bracelets (“Pura Vida”). Pura Vida, based in La Jolla, California, and has a differentiated and expanding offering of bracelets, jewelry, and other lifestyle accessories.
“The acquisition of Pura Vida is a terrific fit for Vera Bradley as we move into Year Two of our Vision 20/20 strategic plan and focus on growth. As we pursue ways to increase revenues, grow shareholder value, expand our customer community, and diversify the business, Pura Vida will be a great addition to our portfolio,” said Robert Wallstrom, CEO of Vera Bradley.
“Pura Vida is a highly differentiated lifestyle brand with uniquely strong products and amazing consumer loyalty. The brand resonates with individuals worldwide, creating a community of fun-loving, socially conscious, and stylish advocates, reflecting its potential to become a full-fledged lifestyle brand. We are thrilled to partner with founders Griffin Thall and Paul Goodman to help guide the brand to new heights,” continued Wallstrom.
“We founded our company upon the ‘pura vida’ lifestyle of Costa Rica, encouraging the appreciation of life’s simple treasures. With Vera Bradley providing the financial, organizational, and operational infrastructure, the Pura Vida lifestyle can grow as high and far as we want it to,” noted Griffin Thall and Paul Goodman, co-founders of Pura Vida. “We are excited and proud to partner with a great lifestyle brand that embraces our mission to create sustainable jobs for artisans around the world and raise awareness for charities through products that give back.”