The Lafuma Group has acquired 100% of BISHOES, a company specialized in the high growth segment of upmarket flip-flops. The company posted sales of EUR 1.2m ($1.4 mm)in 2005. A surfing specialist created the brand in 1995. The companys growth was intentionally contained via a limited selection of customers and by focusing on operating margin of about 10%.
This acquisition will allow Oxbow to expand its offer by integrating a footwear line starting with flip-flops, a product that is emblematic of the surfing world.
The quality of outlets marketing Bishoes, backed by the Oxbow sales force, will pave the way to rapid sales growth and a gradual integration of the collection under the Oxbow brand name.
Eric Maydew, the founder and general manager, will join Oxbow as Director of footwear development.
The deal will result in added value given both the profitability of Bishoes and the high potential of Oxbow on the footwear segment in France and abroad.
The Lafuma group also concluded its capital increase operation, which according to preliminary results, was largely oversubscribed.