WeSC acquires UK distributor

WeSC, street fashion brand that has its roots in skateboard culture, has signed an

agreement to acquire 100 per cent of the share capital in its British distributor Lateral Corp Ltd.

Lateral Corp’s projected sales for the current fiscal year 2011/2012 amount to £2.4 million, and following the acquisition, the company will be renamed WeSC UK Ltd and will continue to run its wholesale and retail operations.

“With the acquisition of our UK distributor we expect to be able to develop our position and prominence in this important market. I believe that the acquisition will affect both WeSC sales and earnings in a positive manner during the next financial year,” said WeSC CEO, Greger Hagelin.

“This will bring only positive results to the ongoing performance of the WeSC brand here in the UK. I think all of our retailers will benefit from the transition of ownership and the increased investment WeSC will make in the British marketplace,” added Lateralcorp MD Mark Selvey.

The acquisition is expected to have no material impact on WeSC current financial year ending April 30, and will result in the brand running operations in the Sweden, USA, Denmark, Norway, United Kingdom, Germany and Austria. Meaning WeSC controls the distribution of five of the company’s 10 largest markets. In the other 17 operational markets WeSC is sold by local distributors.