Asics sells Haglöfs to Clarks owner

On 18 December, the Japanese group Asics announced the sale of its Swedish outdoor brand Haglöfs to the Hong Kong fund LionRock Capital. But why? Because it has decided not to cover the great outdoors. “One of the main objectives of the group’s 2023 medium-term plan is to ‘become the leading running and performance running brand’.”

Suffice it to say that mountain hikes, however sporty, were not a priority for the Japanese management team. Surprisingly, for a brand whose headquarters and operations are based in Bromma, on the outskirts of the Swedish capital.

In recent years, the Asics group (which also owns Onitsuka TIger, named after its founder Onitsuka Kihachiro) has instead focused its investment capacity on companies that organise running events and on digital or physical players from the sector. It has also begun to invest slightly more in the promotion and development of its lifestyle lines.

Haglöfs had been operating independantly for several years. The brand, founded in 1914 by Wiktor Haglöf, has certainly not fully taken advantage of the popularity of outdoor activities in recent years and the development of the outdoor market. A potential that its new owner could be keen to develop. The Hong Kong investment group, via its LionRock Capital Aspire Limited fund, is acquiring 100% of the brand’s shares for an undisclosed amount.

Haglöfs fits perfectly into our portfolio and demonstrates our commitment to acquiring recognised heritage brands offering best-in-class products,” says Daniel Tseung, head of the fund, which also acquired Clarks in 2021. “We are delighted to be embarking on a new adventure with the company to accelerate its growth on the European market and beyond.”

The brand, which offers not only textiles but also outdoor equipment, could see its business, which was worth some €80 million before the Covid-19 crisis, expand beyond the 28 markets in which it is currently active. Last year, it inaugurated a new 18,000 square metre logistics centre. “Asics has been a supportive and an actively involved partner, providing invaluable support throughout our shared journey. We are delighted to begin a new chapter with LionRock as a shareholder and look forward to being part of the LionRock family,” said Fredrik Ohlsson, CEO of Haglöfs.