Eurazeo, the French investment company which recently sold its remaining stake in Farfetch, has bought a majority stake in Axel Arigato, a Swedish brand of premium sneakers, ready-to- wear and accessories for €56 million.

The investment was carried out by Eurazeo Brands, a division focused on consumer brands. The company will be a shareholder along with Axel Arigato’s founders Max Svärdh and Albin Johansson.

Axel Arigato was created in 2014 in Gothenburg and its sales have almost tripled since 2016. No further financial details were released. The brand’s products are distributed worldwide through its e-commerce website, major online marketplaces such as Farfetch, MyTheresa and Ssense, six Axel Arigato retail locations, and selected department stores such as Le Bon Marché, Harrod’s and Saks Fifth Avenue.

Eurazeo Brands said that it will support Axel Arigato’s development, in Europe in particular, by investing in its digital and e-commerce capabilities, developing its retail footprint in major European cities and enhancing the brand’s sustainability positioning. Eurazeo will also provide corporate social responsibility expertise and its network throughout Europe, Asia and the United States to support the brand’s development.

Laurent Droin, the managing director of Eurazeo Brands, said the company has “targeted the high-end sneaker market due to the premiumization and casualization trends we are seeing globally and believe Axel Arigato is an innovative and high potential brand in this sector.”