AT Cross has sold its Sheaffer pen and accessories brand to an Indian firm.

 

William Penn, a Bengaluru-based retailer of high-end stationery and writing instruments, has acquired Sheaffer’s complete product portfolio and licenses – including premium pens, journals and gift sets – from AT Cross for an undisclosed sum.

 

William Penn has been the exclusive distributor for Sheaffer in India since 2003 and the brand has a market share there of around 15% in the premium writing segment.

 

“We will now design, manufacture and market the brand out of India,” said William Penn founder and managing director Nikhil Ranjan.

 

In 2016, William Penn – which was established in 2002 – acquired British brand Lapis Bard as it diversified out of the writing category and into men’s luxury accessories such as leather belts and wallets.

 

Financial terms of the latest transaction were not disclosed. AT Cross had acquired Sheaffer from BIC for around US$15 million in 2014. BIC paid US$33 million for Sheaffer back in 1997.

 

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