Imagine that one day shoes you designed are gobbled up by Reese Witherspoon, Sarah Jessica Parker and Naomi Campbell. The next day you are fired from your namesake business with no control over a brand that is your name.
Shoe designers and fashion industry darlings Kari Sigerson and Miranda Morrison learned a lesson similar to Steve Jobs when he was fired by APPLE — if you take the investors’ money, you might be giving up a lot of control.
Sigerson and Morrison went into business together in 1991 and had a wonderful run. In 2006, looking for an infusion of cash, they made a deal with Marc Fisher Footwear for$2.6 million to acquire Sigerson Morrison and the intellectual-property rights to the name. Sigerson and Morrison each retained a 10% interest and a salary.
About a year ago Sigerson and Morrison were fired and litigation has been ongoing.
Clearly the trademark of Sigerson Morrison has a huge value. But, will the company be able to fill the shoes of the two namesake designers?