Finnish company Amer Sports said it’s accelerating its presence in softgoods by acquiring the Peak Performance athleisure and streetwear brand for DKK1.9 billion ($308 million). The company has acquired all the shares and related businesses of Peak Performance from Danish fashion firm IC Group and is using its own cash reserves as well as bank financing to fund the purchase, which should complete during the summer.
Stockholm-based Peak Performance is a major premium sports fashion brand with net sales of almost DKK1.08 billion ($292 million). Profit on an EBIT basis was DKK123 million ($20 million) in the last 12 months.
Peak Performance has a strong presence in the North and Central European markets, and also trades beyond Europe, said the company. It has evolved from its skiwear heritage to become a more broadly spread sportswear brand of late. More than 40% of its sales are womenswear and around 45% is direct-to-consumer.
The 300 Peak Performance employees will now become part of Amer. The company also said it will have a “minor” positive impact on its financial results this year.
Amer added that the outerwear and streetwear brand “is distinctively positioned versus our current brand portfolio and it has a strong relevancy in sports fashion, and moreover a significant share of sales in womenswear and direct-to-consumer.”
It also said that the purchase is another important step forward in its longer term target of selling more than €1.5 billion in softgoods.
