Vera Bradley Continues to Branch Out

The company expects its Vision 20/20 plan to save up to $30 million per year.

Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is continuing to extend its brand. The handbag and home accessories company has announced a licensing deal with CID Resources Inc., a professional health care apparel manufacturer. The collaboration comes ahead of Vera Bradley’s Annual Sale, which kicks off Wednesday and draws thousands of visitors to the city.

In December alone, Vera Bradley also announced a licensing agreement with swimwear, bedding and technology product makers. Chief Executive Officer Rob Wallstrom says "Vera Bradley enters new product categories when it can deliver its signature style paired with new functionality missing from existing products in the market. The medical uniforms market alone is estimated at $1.8 billion in the U.S., and our research indicates that nearly 20 percent of our customers identify themselves as working in the health care industry. We are delighted that we will be able to offer beautiful apparel and accessories solutions not only to these existing customers but to introduce Vera Bradley to thousands of other medical professionals as well. We are thrilled to inject our version of functionality, color, and especially fun into this important product category."

The new collection is set to launch in the spring of next year. over the last eight months, Vera Bradley has detailed licensing agreements with Peking Handicraft Inc., Renfro Corp., Lifeguard Press, Fox Chapel Publishing and the aforementioned Mainstream Swimsuits Inc. and Incipio. It has an existing agreement with the McGee Group.