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BasicItalia takes over 61 per cent of Sport Finance

09
Feb '19
Courtesy: BasicNet Group
Courtesy: BasicNet Group
BasicItalia, the BasicNet Group brand licensee for Italy, has taken over 61 per cent of Sport Finance, the holding company of a group of Kappa brand licensee companies for France, UK, Switzerland, Spain and Portugal. The BasicItalia and Sport Finance licensees will join their Kappa and Robe di Kappa brand distribution operations on the main European markets.

In 2018, French company Sport Finance returned Kappa brand revenues of over Euro 60 million.

BasicItalia has executed this operation partly through the acquisition of shares and partly through subscribing to a reserved share capital increase for a total amount of approx Euro 5 million.

The agreement in addition stipulates two put and/or call options on the residual 39 per cent of the company, to be exercised respectively in 2021 and in 2024, at amounts based on the performance of the French Group.

The BasicItalia and Sport Finance licensees will amalgamate their Kappa and Robe di Kappa brand distribution operations on the main European markets. The new “powered by BasicNet” distribution structure will benefit from the operational and organisational strengths of the BasicNet Group business model, leveraging synergies in terms of optimised procurement costs, logistics, communications and sponsorship, boosting its presence on the various distribution channels to drive both the sportswear and lifestyle segment performances of the Kappa brand in Europe.

“We are very satisfied with this first major deal concluded by the new generation of top management,” stated group chief executive officer Gianni Crespi. “Our business model has been strengthened through concentrating a number of countries with the same licensee. It is envisaged that other markets will also operate along these lines, alongside the more widespread adoption of the `powered by BasicNet’ model.” (SV)

Fibre2Fashion News Desk – India


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