Sports shoe maker Deckers Outdoor Corp on Friday announced it has agreed a $62 million deal to acquire sport sandal brand Teva from creator Mark Thatcher in a move that will give it control of its leading licensed brand.

The California-based company, which has licensed the Teva brand for the past 17 years, said Teva footwear accounted for around two thirds of its total sales of $91.5m last year and added it expects the acquisition to add $1m to its earnings in 2003.

"This transaction will enable us to control our flagship brand, increase our product offerings, pursue licensing opportunities outside of footwear and transform our company from a licensee to a lifestyle brand owner," said Deckers CEO, Douglas Otto.

He continued: ”Financially it will eliminate all royalty payments on Teva, add incremental sales and gross profit through the catalogue and internet retailing business and introduce new licensing opportunities, resulting in enhanced future sales and earnings power."

Mr Thatcher added: "I've enjoyed working with Deckers over the years. Together, we have built Teva into one of the top brands in the outdoor industry. Given my experiences with Deckers, I am confident in their ability to continue the success of the brand."