Authentic Brands Group has acquired footwear retailer Sperry and will convert the brand into a licensed model.

The acquisition results in Sperry’s partnership with Aldo Group for wholesale, e-commerce, store operations, footwear design, production, and global distribution.

Authentic said it will expand Sperry’s product portfolio and its market share worldwide with a focus on Asia Pacific.

“Sperry’s influence extends far beyond fashion, embodying a lifestyle that celebrates exploration,” said Authentic chairman and CEO Jamie Salter. “We look forward to launching Sperry into a new era alongside Aldo Group, an incredible partner and leader in the footwear industry.”

“We’re looking forward to adding 23 Sperry stores to the 430 other branded stores we operate in North America, as well as welcoming Sperry’s store employees to our team,” said Aldo Group CEO David Bensadoun.

“Our powerful operational structure for stores, wholesale and e-comm has been built over five decades, and we’re excited to put our deep experience to use right away elevating Sperry.”