Xtep International Holdings Ltd, the China-based sports company, closed its acquisition of E-Land Footwear USA Holdings Inc., the owner of the K-Swiss, Palladium, Supra, PLDM and KR3W brands for $260 million.
The seller was South Korea’s E-Land World Ltd., which acquired K-Swiss and Palladium for $170 million in 2013. The group soon formed a Los Angeles-based subsidiary and added more brands.
Xstep said that with the closing, E-Land Footwear USA Holdings Inc. has become an indirect wholly-owned subsidiary of the Company.
“The board believes that the transaction is an attractive opportunity to invest in a portfolio of global renowned sportswear and lifestyle brands targeting the high-end market segment,” Xtep Chairman Ding Shui Po said in May in the statement.
Photo courtesy Xstep
