BasicItalia acquires 61 percent stake in Kappa licensee

The BasicNet Group has announced that BasicItalia, the group’s brand licensee for Italy, has acquired 61 percent in Sport Finance S.A.S., the holding company of Kappa brand licensee companies in France, UK, Switzerland, Spain and Portugal.

The company said, BasicItalia executed this deal partly through the acquisition of shares and partly through subscribing to a reserved share capital increase for a total amount of around 5 million euros. The agreement also allows BasicItalia to exercise the remaining 39 percent of the company, in 2021 and 2024 respectively, based on the performance of the French Group.

“We are very satisfied with this first major deal concluded by the new generation of top management,” said Group Chief Executive Officer Gianni Crespi in a statement, adding, “Our business model has been strengthened through concentrating on a number of countries with the same licensee. It is envisaged that other markets will also operate along these lines, alongside the more widespread adoption of the “powered by BasicNet” model.”

In 2018, the Sport Finance Group recorded Kappa brand revenues of over 60 million euros. The company added that BasicItalia and Sport Finance licensees will now amalgamate their Kappa and Robe di Kappa brand distribution operations in the main European markets.

Picture:Facebook/Kappa