Swedish brand Acne Studios has sold minority stakes, 41 percent, to IDG Capital and I.T. Group, according to news reports from WWD and Business of Fashion. The remaining shares will stay in ownership of founders Mikael Schiller and Jonny Johansson.

IDG will acquire 30.1 percent and I.T Group will buy 10.9 percent, according to BoF. As result of this transaction, Öresund, the shareholder of Acne Studios together with Creades and Pan Capital will exit the company. Earlier this year there it was rumored that Acne Studios would undergo an entire takeover, with the company valued at 500 million euros (570 million dollars).

“This is a dream scenario for us,” said Mikael Schiller, chairman of Acne Studios. “Jonny and I are excited to join forces with new partners who we know well and who will bring further expertise for our continued journey. We look forward to collaborating with IDG Capital and I.T. Acne Studios will greatly benefit from their extensive know-how within fashion and the rapidly evolving universe of online and offline retail. By working together, we will make Acne Studios even more successful.”

Stockholm-based Acne Studios was founded in 1996. The brand is best known for it’s edgy denim, mens and womenswear collections. Acne Studios can be found worldwide with 50 own stores and the revenue stacks up to over 200 million euros per year.

 

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