XXL, the Norwegian sporting goods chain owned by Frasers Group, has acquired the Ulvang outdoor apparel brand from Brav AS.
Terms were not disclosed. XXL, which operates more than 80 mega stores in the Nordic region and parts of Europe, was acquired by Frasers last year. Norway-based Brav AS also owns Swix, Toko, Lundhags, and Helsport.
Ulvang, which makes wool socks, underwear and sweaters, was founded by Olympic cross-country skier Vegard Ulvang in 1995 and acquired by Brav AS in 2004.
Nick Fox, CEO of XXL, said, “Ulvang is one of the strongest and most well-known brands in wool clothing in the Nordic region. The brand has a unique history and a strong position in categories such as wool underwear, wool socks and wool sweaters. We see significant potential for further development of the brand and have ambitions to invest in both product development, distribution and visibility in the market. Through XXL’s strong Nordic position, we have both the will and the capacity to further develop Ulvang and make the brand available to even more customers and markets in the years to come. At the same time, we are continuously looking at opportunities that can strengthen XXL’s position through strong brands, strategic collaborations and other growth opportunities within our core areas.”
Gustaf Öhrn, chairman of the Board of Brav AS, commented, “Ulvang is a strong brand with a proud history, and XXL is well positioned to further develop it. For Brav, the sale allows us to concentrate resources on our core brands. We would like to thank Vegard Ulvang for a very good collaboration over the past two decades.”
Vegard Ulvang said, “I congratulate XXL on a good deal, and am happy that they will take the Ulvang brand to new heights. I have great faith in the future of classic Norwegian wool products.”
Image courtesy Ulvang
