Reports have been circulating regarding Acne Studios’ sale since 2018’s first quarter, and many were anticipating a full acquisition. The assumption is understandable, considering that the Swedish company has been entertaining buys even five years earlier, the most notable perhaps with Kering, the luxury conglomerate group that owns Gucci, Balenciaga and Saint Laurent. Not too long ago, there have been news of the brand trying to finalize a sale with Goldman Sachs. However, the rumors are put to a stop with a confirmation of a sale—it was not what we were anticipating, but it still is a promising development.
Former Acne Studios shareholders Öresund, Creades and PAN Capital sold their stakes to two Asian companies: I.T Group and IDG Capital, which take 10.9 and 30.1 percent of the fashion house’s shares, respectively. Both are based in China, with I.T Group headquartered in Hong Kong, and have known companies under their wing. I.T Group is perhaps most known for acquiring Japanese streetwear brand BAPE, while IDG Capital has been important in the expansion of Moncler and Farfetch in Asia. Öresund, which had a stake in the Swedish company since 2006, will be exiting together with Creades and PAN Capital.
Acne Studios’ Creative Director Jonny Johansson and Executive Chairman Mikael Schiller will still be the majority shareholders, contrary to previous speculations that the two will relinquish control of the company founded in 1996. Schiller expressed excitement over the development, saying that it is a realized dream for him and Johansson to be sharing ownership with both IDG Capital and I.T Group. The expertise of the companies when it comes to retail, both physical and online, is much welcomed by the Swedish execs, especially since the new shareholders have had much experience in bringing Western brands to Asian consciousness.
I.T. Group has already been partnering with Acne Studios in as early as the 2000s, increasing awareness of the brand through establishments like the Dover Street Market Beijing, so the buying of stakes is only a continuation of what has already been accomplished. In light of the acquisition, I.T Group’s CEO and founder Sham Kar Wai acknowledged the 15 years of partnership with Acne Studios, during which the companies have grown and learned together when it comes to both fashion and business. The excitement for what is considered the next chapter between the two longtime collaborators is palpable, but so is IDG Capital’s eagerness to work with the niche label. The company has expressed delight in working with what it considers as pioneers in fashion and technology, and in reaching Acne Studios’ full potential together.
The year 2018 has been filled with notable purchases in fashion, with Acne Studios only joining the list some weeks before 2019 starts. Among those reported include Thom Browne being acquired by the Ermenegildo Zegna Group, Dries Van Noten selling majority of its shares to Spanish luxury group Puig, and Versace being bought by Capri Holdings for $2 billion. The fashion labels opted for change in order to widen their reach that would have been harder to do on their own. Acne Studios takes a similar direction, even with just the minority stakes, while also targeting the growing luxury market in Asia.
Image credits: Acne Studios, Highsnobiety, Bape, Elaine YJ Lee / Hypebeast KR, Vogue, Phil Oh
