Footwear distributor 33 Joints acquired by investment company Kolektive Ventures
Investment company Kolektive Ventures, which trades under the name of Projekt Indigo in the UK, has acquired a majority stake in Original Penguin, Lambretta and Osprey London footwear distributor 33 Joints.
The investment from Kolektive Ventures will help to build brand awareness across the distributor’s portfolio, and scale up domestically in the UK and internationally in key territories, particularly Germany, Scandinavia and India – areas where the investment company has significant influence.
Antony Nathan, Co-Founder of 33 Joints, which he established with his father Malcom in 2007, will continue his position as the Managing Director and shareholder, with the brands and customers underneath the fashion distributer’s umbrella remaining unchanged.
He said: “This presents us with a wonderful opportunity to continue to build our business in the UK, to expand our brand portfolio and to establish a European base.”
Malcom Nathan, who was instrumental in establishing Caterpillar as one of the world’s leading boot brands as well as Paul Smith footwear, will continue to be a consultant under the new structure.
33 Joints currently designs, manufacture and sells fashion footwear under license for Original Penguin, Lambretta and Elle for the UK and Europe, as well as globally for Osprey London. It also distributes Scholl footwear in the UK and Ireland.
Bharat Bhushun, Managing Director at Kolektive Ventures, said in a statement: “Malcolm and Antony have built a truly formidable business and a very strong team. The business retains its independence, agility and a culture that continues to attract some of the best brands in the market.”
Projekt Indigo has a physical footprint in five countries and “is looking to expand its brand portfolio to over 25 in the next two years”.