The acquisition was approved by the U.S. Bankruptcy Court for the Southern District of New York and is expected to close in the next few weeks.

Aquatalia was established in 1994 and primarily produces Italian crafted luxury footwear. Jack Saadia, Principal and Co-Founder of Saadia Group, said: “The addition of Aquatalia to our growing family of brands strengthens our reach and the ability to serve additional consumers. We look forward to building this brand and are enthusiastic to continue to add to our portfolio within the luxury market.”