FAO Schwarz buys high-end apparel retailer

NEW YORK FAO Schwarz announced Tuesday that it is strengthening its position as a lifestyle brand with its purchase of Best & Co., a leading retailer and manufacturer of luxury children's apparel and accessories.

"The acquisition of Best & Co. is a strategic addition to the FAO Schwarz portfolio," said Ed Schmults, ceo for FAO Schwarz. "It will further transform FAO Schwarz into a comprehensive lifestyle brand."

Best & Co. currently has a flagship store in Greenwich, Conn., and a boutique in Bergdorf Goodman in New York City. The company, founded in 1879 and in operation in New York and up and down the East Coast until 1971, was famous for its children's department. Susie Hilfiger re-established Best & Co. in 1997, bringing the essence of the brand back to life with a timeless children's clothing collection and attracting a worldwide audience seeking classic luxury. Today the store features the Best & Co. collection, designed by Hilfiger, as well as some of the finest American and European children's clothing and gifts collections. Select items from FAO Schwarz's private label toy collection will be featured in the Greenwich store beginning with the 2007 holiday season.

As part of the terms of the acquisition, Hilfiger will remain creative director of Best & Co.

According to Schmults, FAO Schwarz will focus on Best & Co.'s catalog and Web site to increase sales and brand recognition. He added that "FAO Schwarz plans to expand the Best & Co. brand through selective wholesale and international distribution."