Thursday, February 9, 2023

Superga severed ties with its historical partner and affiliates of The Foundation in the United States.

Superga reorganizes its partner network. The Italian shoe company has broken its contract with Steve Madden, its licensee in the United States and Canada since 2011, and entered into a new agreement with the Foundation,

Los Angeles based company will become the exclusive licensee for distribution of Superga products in the United States and Canada starting next January, The foundation already has a deal with Kappa, which is also owned by Superga parent Basicnet. In particular, the company distributes the sports fashion firm’s adult, footwear and children’s ranges.

Established in 1997, The American company specializes in the production, distribution and expansion of fashion, footwear and homeware brands., His portfolio includes brands such as Vision Street Wear, Billionaire Boys Club and Urbanears.

In the first nine months of the current year, Basicnet increased its revenue by 30.3% to EUR 282.6 million, and its gross operating result (Ebitda) increased by 31.4% to EUR 44.1 million.

The Italian conglomerate’s good performance as of 30 September was due to its growth in Asia and Oceania, where its sales grew by 64.2%. In Europe, the largest market for the company and where it generates 64.1% of its turnover, Their revenue grew by 17%, “We expect positive performance for the rest of the year,” Besiknet explained after the presentation of its results, although it did not elaborate on its forecasts for the end of the year.

superga It has been owned by Beşiktaş since 2007, when the group bought the brand from Formula Sport Group (FSG) for 23 million euros.which was in liquidation after entering bankruptcy.

In 2011, the Italian conglomerate launched an offensive for Superga in the United States and hired Ashley and Mary-Kate Olsen to lead the creative direction to drive the brand in the country. Shortly after, Footwear firm teams up with twin brand The Row to launch luxury collection, The company then Flagship Shop which is still standing in New York.

Nation World News Desk
Nation World News Desk
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