Eurazeo Brands chose footwear and sneakers for its first investment in Europe. The French multinational acquired Swedish brand Axel Arigato by paying 56 million euro. The brand, founded in 2014 in Göteborg, will continue to be managed by the founders, Albin Johansson and Max Svärdh.
56 million euro
Just a few days ago, Eurazeo closed a lucrative deal by exiting Farfetch’s capital and selling the shares at a considerably higher price, compared to the value at which it had purchased them. The company utilized the surge of the stock caused by roumors of Alibaba and Richemont acquiring the e-tailer. Now the subsidiary Eurazeo Brands bought control of Axel Arigato for 56 million euro. The latter has a revenue of 40 million USD and made sneakers its core business.
According to Business of Fashion, which reported the news of the acquisition, Axel Arigato’s online sales grew exponentially during the pandemic. The Swedish brand states that its overall sales will grow by about 60% during the year 2020. The company manufactures its sneakers in Portugal, a country from which the brand claims to buy the majority of its raw material.
Photo from axelarigato.com
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