US designer of men's and women's dress and casual footwear, sportswear and travel apparel Phoenix Footwear Group, Inc. has completed the sale of its Royal Robbins division and related business assets to US apparel and soft goods company Kellwood, for approximately $40 million in cash.

Phoenix expects to report a net pre-tax gain of approximately $23 million on the sale including transaction costs, having acquired the business in October 2003 for a total of $11.7 million.