Calida Group is acquiring a strategic stake in Lafuma Group, the French company that owns the Lafuma, Millet and Eider outdoor brands and the Oxbow board sports brand.
Calida, which generated sales of €225 million ($289mm) last year, will take an equity stake of up to 29 percent in Lafuma Group. That will start with the acquisition of a 15.2 percent stake currently held by the Lafuma family. Calida will then invest in an upcoming stock offering that will raise Lafuma Groups nominal equity capital by 50 percent and increase Calidas stake in the company to 29 percent. Lafuma Group will use proceeds from the stock sale to ease a liquidity situation that has become tight as a result of the difficult market environment, and to create a foundation for further healthy growth, the companies said in a joint release.
Calida and Lafuma Group will disclose terms and conditions of the capital increase in very soon.
Philippe Joffard, the longstanding chairman and CEO of Lafuma Group, will hand over operational management of the company to Felix Sulzberger, CEO of Calida Group. As a member of Lafumas board of directors since 2004, Sulzberger is very familiar with the French sports and outdoor clothing companys business. In order to ensure the management transition is stable and smooth, Philippe Joffard will remain as chairman of the board of directors until the forthcoming general meeting of shareholders, and then resign.
The Calida-Group is listed on the SIX Swiss Exchange and consist of the Calida and Aubade brands. The Calida brand, with its headquarters in Sursee, Switzerland, is one of Europe’s leading body wear brands with its main markets in Switzerland and Germany. The Aubade brand, with its headquarters in Paris, is a leading luxury lingerie brand.
