Urban sneaker streetwear music fashion website Hypebeast has reportedly purchased a majority stake in what remains of Steve Berra and Eric Koston’s The Berrics business, according to a story on Techcrunch.com.
Now, The Berrics is being acquired by Hypebeast and they’re forming a new company “The Berrics Company”, with the express mission of making sure the particular spirit that it was founded to foster in skating never dies. Hypebeast is putting in $750k and ending up with 51% of The Berrics and a majority of board seats. The Berrics will contribute its approximate $2.5M in assets, $1M in liabilities and a board seat. Hypebeast has been on a bit of a tear on the markets, with genuinely solid increases in revenue and profits over the past year, so this seems like a smart small acquisition for the company.
We haven’t paid that much attention to The Berrics since they killed off The Skateboard Mag, but this sounds like one more circuit in their downward spiral. Obviously, Hypebeast founder Kevin Ma (above center) does not agree.
[Link: TechCrunch via SkateDaily]
