Korean fashion and retail company E.Land has expanded its portfolio by adding US footwear company K-Swiss.
E.Land will pay about US$170 million for the business, funded by using existing resources and credit facilities, with settlement expected in the second quarter.
Founded 40 years ago, California-based K-Swiss offers performance and lifestyle footwear and apparel in several sports categories. It also designs, develops and markets footwear under the Palladium brand.
“E.Land has a 30-year record of successfully building a global fashion and retail conglomerate and also shares our culture of valuing associates. I believe that such a platform will provide K-Swiss with the resources and scale to return to its former performance levels and to further maximise Palladium’s potential,” said K-Swiss president Steven Nichols.
Established in 1980, E.Land is Korea’s largest integrated fashion and retail company, with operations spanning nine countries including Korea, China, India, Italy and the US. Comprised of more than 60 affiliated entities, the company offers close to 200 brands and operates more than 10,000 stores.