Alpargatas Inks Deal With The Eastman Group For Havaianas In North America
Havaianas owner Alpargatas S.A. is shifting gears in the North American market.
The São Paulo-based company disclosed on Friday that it has signed an exclusive distribution agreement for the Havaianas brand of flip-flops for the U.S. and Canada with The Eastman Group. The pair will work together throughout 2025 on a transition process so the new model to have it ready in time for the 2026 season.
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The move essentially shifts Alpargatas' operating model from direct operation to distribution. Alpargatas will remain focused on brand building, 'strengthening Havaianas brand power while focusing in portfolio assertiveness and brand competitiveness, aligned with Havaianas brand positioning and global strategy,' it said.
The agreement includes an initial term of four years, and does not 'foresee any initial cash outflow for any party.' The terms of the agreement allow for an extension, either when certain metrics are met or by mutual agreement.
The Eastman Group has operated in the U.S. market since 1939, and has a relevant presence in the footwear, apparel and lifestyle categories. It has U.S. distribution centers on both coasts, and relationships with major retailers across different distribution channels. Eastman counts over 30 distributed or licensed brands within its portfolio base.
Alpargatas said the strategic partnership provides it with cost efficiency as it relies on a leaner local structure, In addition, it leverages the firm's presence in strategic channels via the expansion of the distribution network.
Pedro Baptista, equity analyst for apparel, footwear and textiles in Latin America at Jefferies, has a 'buy' rating on shares of Alpargatas. He said North America accounted for 4 percent of group revenues and 16 percent of international in 2024. He described that deal with Eastman as a 'key strategic step' in North America. 'Alpargatas has historically been profitable in Europe, but the U.S. direct distribution model failed,' the analyst wrote in a research note. He said the new partnership is the step in the right direction, and that it could potentially lead to a licensing model.
Eastman's portfolio of brands include Hurley, Eddie Bauer, Chaps, and Treton.
Alpargatas also owns a 49 percent stake in Rothy's. Baptista noted that Brazilian firm has a call option to acquire the additional Rothy shares in 2025.
In March, Gigi Hadid was named Havaianas' global brand ambassador. Havaianas' last celebrity partnership was a collaboration in 2023 with 'Euphoria' actress Barbie Ferreira, inspired by vintage Rio de Janeiro interior design and her Brazilian roots. And last month, Dolce & Gabbana and Havaianas launched an exclusive capsule that redefined the flip-flop with luxe details for summer.
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