Jan 2, 2019
Acne Studios switches minority shareholders
Jan 2, 2019
Following the opening of Acne Studios' first store in Beijing, the Swedish label co-founded by Jonny Johansson in 1996 is changing its capital structure. After consulting with Goldman Sachs International, the brand has said goodbye to three of its shareholders, investment funds Öresund, Creades and Pan Capital. The trio has been replaced by two new shareholders: American investment fund IDG Capital and Hong Kong-based apparel conglomerate I.T Group. The two entities now control 41% of the company's capital between them, 30.1% being held by IDG and the remaining 10.9% by I.T. Acne's executive chairman Mikael Schiller and creative director Jonny Johansson remain the company's majority shareholders.
Prior to the changes, Öresund held 8.5% of Acne Studios' capital and has sold its shares for 369 million Swedish kronor, or 36 million euros. Creades controlled 8.6% of the company and sold its shares for 372 million Swedish kronor (36.4 million euros). Although details concerning Pan Capital's transaction have not been released, Acne Studios confirmed in a press release that Mikael Schiller and Jonny Johansson have also reduced the number of their shares.
I.T Group, which has been working with Acne Studios for fifteen years, having notably assisted with the brand's expansion in Asia, controls an impressive distribution network consisting of 800 branded stores around the world, 700 of which are in China and Hong Kong. The company has also participated in joint ventures with brands such as Zadig & Voltaire in Hong Kong and Macau, and with Galeries Lafayette in China, and holds shares in a wide range of labels including A Bathing Ape, AAPE, Fingercroxx and Venilla Suite.
Founded in 1992, IDG Capital specialises in investments in technology, media and telecommunications, and already holds shares in Farfetch, Moncler and Baidu.
"It's the dream scenario for us. Jonny and I are excited to join forces with new partners that we know well and who will bring further expertise to allow us to continue our adventure. [...] By working together, we will make Acne Studios even more successful," said Mikael Schiller.
The brand, which is hoping to kick-start a new phase in its growth with the help of its two new shareholders, reports annual revenues of 200 million euros and operates approximately 30 stores around the world, as well as some 20 department store concessions. In 2018, the company welcomed Edouard Schneider as its new global communications director and head of its French division. Acne Studios will present its next womenswear runway show on 20 January during Paris' Haute Couture Week.
Copyright © 2023 FashionNetwork.com All rights reserved.