Intersport Sells The Athlete’s Foot to the Owner of Intersocks
Following the purchase, Arklyz Group will seek to expand its sports business, which encompasses production, brand management, retail and e-commerce.
Intersport gets rid of The Athlete’s Foot. The sports equipment purchasing center has sold 100% of the chain specialized in sneakers to Arklyz Group, owner of Intersocks, as announced by Prnewswire. The economic details of the operation have not been disclosed.
The transaction, which took place on June 30, will close later this month and the Arklyz group will take over the worldwide business of The Athlete’s Foot, including the company’s brand rights and franchise agreements. In addition, the staff of the company, located in Amsterdam and Atlanta, will continue in their jobs.
Intersocks has been one of Intersport’s biggest partners in article distribution in recent years. The group has the distribution of brands such as Crocs, Hunter, Spenco, Berghaus, Kangaroos, Strengthtape or Ironman Sunglasses.
The operation comes after the reduction of Intersport sales by 13.8% in 2020, to 10.6 billion euros. The group also lost stores compared to 2019, closing the previous year with a network of 5,186 stores.
Intersport’s origins date back to 1968, when ten industry groups came together to gain purchasing power and distribution capacity. The initial ten countries that gave birth to Intersport International Corporation were Austria, Belgium, Denmark, France, Germany, Italy, the Netherlands, Norway, Sweden and Switzerland.
Over the years, the company added new partners from more countries. The first of them was Finland, which joined in 1970. In 1973 it was the turn of Canada and in 1974, Spain and the United Kingdom. Initially based in Paris, in 1976 the company moved to Switzerland, where it now has its headquarters.