COPEHHAGEN: Danish fashion concern IC Group, owner of a number of well-known clothing brands, has sold Peak Performance, its most well-recognised label and Scandinavia's largest brand of technical sports and fashion wear.
The company has sold Peak Performance – the iconic Swedish outdoor clothing brand – to the Finnish-based Amer Sports Corporation for an enterprise value of 1.9 billion kroner ($310 million).
The sale follows a six-month strategic review process of Peak Performance by the IC Group board of directors. The stated purpose of the review process was "to identify whether IC Group - either partial or in full - also served as the best owner of Peak Performance in the future".
IC Group board chairman Peter Thorsen commented: "It has been a long and thorough sales process with many keen and qualified buyers providing the optimal terms for the divestment of Peak Performance. Not only did we succeed in negotiating the absolute right price for the asset on behalf of all our shareholders, we also managed to identify the right new, long-term owner. An owner who both has the skills, capacity and resources to accelerate the Peak Performance strategy in order for the brand to exploit its large international potentials as we believe it holds and deserves."
Amer Sports president and CEO Heikki Takala noted: "In line with our strategy, we accelerate in softgoods and direct to consumer by acquiring Peak Performance, the iconic Swedish premium performance outerwear and streetwear brand. Peak Performance is distinctively positioned versus our current brand portfolio, and it has a strong relevancy in sports fashion, and moreover a significant share of sales in womenswear and direct to consumer. With this acquisition, we take another important step toward our longer term target of bypassing EUR 1.5 billion sales in Softgoods."
The brands in the Amer Sports portfolio include Salomon, Wilson Sporting Goods, Atomic Skis, Arc’teryx, Mavic, Suunto, ENVE Composites, and Precor, among the better known ones.
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