Business news : K-Swiss Inc. Acquires OTZ Shoes

E.Land World Ltd and K•Swiss Inc., owner of the K•Swiss and Palladium brands, announced the strategic acquisition of Malibu, CA-based contemporary comfort footwear brand OTZ Shoes Inc. Under the agreement, OTZ Shoes will continue to operate as an independent subsidiary of K•Swiss Inc., with key executives remaining in place. The acquisition marks the first addition to the K•Swiss Inc. company portfolio since the completion of its April 30 merger with E.Land.

Founded in 2009 by sneaker industry veteran Ludo Malmoux and partner Skip Murgatroyd, OTZ Shoes promotes health and sustainability and is bringing modern style and creativity to the comfort category. The brand is modeled on the oldest shoe ever found on Oetzi, the prehistoric iceman found frozen in the Otzal Alps in 1991. Since its inception, OTZ Shoes has grown 300% year-over-year and is currently distributed in 23 countries worldwide.

“OTZ Shoes has done a tremendous job establishing distinction and elevating the bar in the comfort market,” said Larry Remington, president and CEO of K•Swiss Inc. “We believe that with our resources and infrastructure, we can help the brand dominate the contemporary comfort category and realize its global potential. The brand will be a key addition for us, helping us build a portfolio of globally-relevant brands across a number of categories.”

OTZ Shoes will continue to be led by CEO Bob Rief, President and Creative Director Ludo Malmoux and Co-Founder Skip Murgatroyd, who will support legal counsel. Malmoux will remain a minority stakeholder in the brand. The OTZ Shoes executive team will report to Remington and K•Swiss Inc. CMO Barney Waters in support of the brand’s growth initiatives.

“This alliance will prove to bring great value to our operations and help shore up some of the rapid growth challenges we’ve had as a business,” commented Rief. “E. Land and K•Swiss Inc. have a very progressive plan for the future and we look forward to working with them as they continue to build momentum for the brand.”

Source Kswiss through SportsOnesource

More news about Kswiss ? Use the search engine at the right top

Aucun commentaire:

Enregistrer un commentaire