Sneakersnstuff, the Swedish sneaker retailer, has been acquired by Reziprok Ventures just one month after filing for bankruptcy, with plans for community engagement and a reopening in New York City.
Sneakersnstuff (SNS), the Swedish sneaker retailer, was officially acquired by Reziprok Ventures, a venture capital firm, just one month after filing for bankruptcy. The acquisition was announced in a statement released by SNS on Friday, which highlighted a new commitment to energize the local communities surrounding its existing stores in major cities including London, Paris, Berlin, and Stockholm. SNS also mentioned plans for a targeted reopening in New York City, accompanied by a more curated digital shopping experience for customers.
With this acquisition, Erik Manzano Fagerlind, one of the co-founders of SNS, is returning as chief executive officer. Fagerlind had previously stepped down from the CEO position in January 2021, taking on the role of creative director, before leaving the company altogether in June 2022. Marcus Willand, managing partner at Reziprok Ventures, confirmed Fagerlind’s return, noting that they are “excited to join forces with Erik and the SNS team to build a sustainable future together, honoring their heritage while driving the next era of innovation in sneaker culture.”
In reflecting on the vision for SNS under this new partnership, Fagerlind stated, “SNS will continue to be a hub not only for sneaker lovers, but for all sub-cultures sneakers are a part of, promoting inclusivity, creativity, and innovative ideas. We’re thrilled to bring back community-driven events and further enhance our connection with the community in every city we touch.”
Reziprok Ventures stressed its objectives as a hands-on investor, aimed at fostering sustainable growth and building market resilience. They perceive the acquisition of SNS as a strategic alignment with their mission. In their statement, the firm noted that they had identified SNS as a brand with a rich heritage and significant future potential.
The announcement also outlined SNS’s mission to reconnect with local communities by celebrating the diverse cultures affiliated with sneakers. This involves providing unique physical and digital experiences that highlight local culture, art, and the vibrant lifestyles that surround sneaker culture.
Support for the transaction was facilitated by freelance consultant Oliver Pressinger, while Marc Harris from the boutique law firm Dangoor Associates was recognized for his invaluable assistance during the acquisition process.
Source: Noah Wire Services
