Kappa owner BasicNet buys majority stake in licensee Sport Finance
BasicNet, owner of brands such as Kappa, K-Way, Superga and Sebago, has acquired a 61% stake in Sport Capital, one of its European licensees.
Founded in France, Sport Capital is the holding company for Kappa licensees in the UK, Ireland, France, Switzerland, Spain and Portugal. The deal, which was completed by Basic Italia, will aid BasicNet's ambitions to "create a real European player for Kappa", which will assume the name Kappa Europe.
The move would also enable the company to bring a common product offering to the European market and to better respond to the concentration of distribution in Europe, as well as to adapt to the new modes of digital distribution, it said.
Mark Ward, UK Managing Director of Sport Finance said: “The acquisition of Sport Finance by BasicNet Group is brilliant for Kappa’s development in Europe and is a result of how successful the brand has become across Europe and globally. Demand is high for the brand and we expect the creation of Kappa Europe with one centralised team working strategically across design, marketing and sales to elevate Kappa to further success in a competitive market.”