US: K-Swiss acquires OTZ Shoes
E-Land and K-Swiss have acquired California-based comfort footwear brand OTZ Shoes, their first deal since merging at the end of last month.
Under the agreement, OTZ Shoes will operate as an independent subsidiary of K-Swiss.
The brand will continue to be led by CEO Bob Rief, president and creative director Ludo Malmoux, and co-founder Skip Murgatroyd. The executive team will report to K-Swiss president and CEO Larry Remington and CMO Barney Waters.
Commenting on the acquisition, Remington said: "We believe that with our resources and infrastructure, we can help the brand dominate the contemporary comfort category and realise its global potential.
"The brand will be a key addition for us, helping us build a portfolio of globally-relevant brands across a number of categories."
While Rief added: "This alliance will bring great value to our operations and help shore up some of the rapid growth challenges we've had as a business."
OTZ Shoes was founded in 2009 and is distributed in 23 countries worldwide. Its footwear features cork footbeds engineered to mould to the shape of the wearer's foot.
South Korean apparel conglomerate E-Land World completed its US$170m acquisition of California-based footwear maker K-Swiss on 30 April.
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