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Worse on Purpose

Totes

American weather-related accessories brand. Best known for the foldable, collapsible umbrella (introduced 1970), rubber rain boots, rain hats, and slipper socks. Once the largest umbrella seller in the United States.

Status: Avoid
Founded
1924
HQ
USA
Manufacturing
Various
Ownership type
Brand licensing (ABG-style)
Parent
Marquee Brands (IP); Randa Apparel & Accessories (operating partner)
Acquired
2024-06
Status since
2026-04-25

Ownership

Totes traces its history to 1924 in Oakley, Ohio (a Cincinnati suburb), originally producing rubber rain boots called "totes" for their portability. Bradford E. Phillips bought the company in 1961, renamed it Totes Incorporated in 1965, and introduced the foldable umbrella in 1970. Bain Capital acquired Totes in 1994. In 1997 Totes merged with Aris Isotoner (founded 1918) to form Totes Isotoner Corporation. Bain sold to Swander Pace Capital in 2001, which sold to MidOcean Partners in 2007. Investcorp and Freeman Spogli acquired Totes Isotoner in 2014 in a deal valued at $500-$600 million. Marquee Brands and Randa Apparel & Accessories jointly acquired Totes Isotoner Corporation in June 2024: Marquee took the IP, Randa took the operating assets and licensed the IP back to manufacture and distribute.

Why Avoid

Sixth ownership change since 1994. Marquee owns the IP, Randa pays royalties to Marquee to make and sell the products. Randa's primary business is belts, wallets, and neckwear, not weather accessories. The classic licensor/operator split.

Reversibility

What would change our verdict

Vertical reintegration of design and manufacturing under a single, founder- or family-aligned operator.

Sister brands under Marquee Brands (IP); Randa Apparel & Accessories (operating partner)

See all 9 sister brands

Read the full investigation

Investigation · March 23, 2026

Your Backpack Got Worse On Purpose

VF Corporation owns about 55% of the US backpack market. JanSport, The North Face, Eastpak, Kipling. Lower denier counts, generic zippers, warranties rewritten to match the cheaper construction.

Read the full investigation

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