FAO Schwarz acquires Best & Co.

FAO Schwarz has acquired luxury children's apparel retailer Best & Co.

Best & Co. was founded in 1879 and operated a chain of East Coast stores until 1971. The brand was re-established in 1997 by Susie Hilfiger with a store in Greenwich, CT, and a boutique in Bergdorf Goodman that stock the Best & Co. collection designed by Hilfiger as well as a selection of high-end American and European children's clothing and gifts collections.

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

FAO Schwarz, New York, plans to expand the Best & Co. brand through wholesale and international distribution. It will also place a strong emphasis on Best & Co.'s catalog and Web site in an attempt to drive brand recognition, traffic and sales worldwide. Beginning with the 2007 holiday season, select items from FAO Schwarz's private label toy collection will be featured in the Best & Co. Greenwich store.