by Stephen Garner

Saadia Group has agreed to acquire the assets of its first luxury fashion label, Aquatalia, from Global Brands Group in a $23 million cash deal. The acquisition was approved by the U.S. Bankruptcy Court for the Southern District of New York last week and is expected to close in the next few weeks.

Established in 1994 and crafted in Italy, Aquatalia is known for its combination of fashion, craftsmanship, and comfort in luxury footwear – celebrating “functional luxury, versatile style, and wearability”.

Saadia Group is acquiring Aquatalia with the vision to enter the luxury footwear market. With Aquatalia’s history of style and craftsmanship, Saadia Group sees it as the perfect label to begin its portfolio within the luxury fashion world.

“The addition of Aquatalia to our growing family of brands strengthens our reach and the ability to serve additional consumers,” said Jack Saadia, principal and co-founder of Saadia Group. “We look forward to building this brand and are enthusiastic to continue to add to our portfolio within the luxury market.”