German outdoor footwear brand Lowa has announced that it has acquired one of its most important suppliers. Slovakia-based Riko Sport has been making shoes for the brand since 1992.
Riko employs approximately 1,900 people in Italy and Slovakia. The addition of these jobs will bring Lowa’s total workforce to more than 2,000 people.
“Riko Sport has been producing the main share of our footwear for many years now,” Lowa CEO Alexander Nicolai said in a statement. “We would like to thank them for their dedication and excellent work throughout this entire time. By integrating Riko Sport into the Lowa Group, we will be able to intensify our work together in the future.”
The president of Riko Sport is Renzo Castellani, whose family has until now owned a 15% stake of Lowa. The brand’s parent company, Tecnica Group, has acquired this share of the business and now own’s 75% of Lowa.
“We will have a smooth transition, and we are really happy that the company is being acquired by our years-long partner Lowa, a company whose employees we really respect for their integrity and expertise,” Mr Castellani said in a statement. “We share the same business philosophy and the same roots. This arrangement also lets us safeguard our joint know-how.”
Courtesy: Sports Textiles
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