A German-based investment fund, Aurelius Group, is acquiring the footwear division of Reckitt Benckiser, represented by the Scholl brand, for an undisclosed amount. The business generates an annual turnover of around €90 million, and the biggest markets are Italy and Germany. The takeover doesn't cover the rights to the Scholl brand for footwear in the Americas, which are still held by Brown Shoe Co.
Aurelius says it will support the development of Scholl footwear through organic growth, focusing on new product offerings, and expansion into new markets. More details should become available after completion of the transaction, expected in the third quarter, but according to a report, the new owners are supportive of a return of Scholl footwear to the shoe shops, beside its presence in pharmacies.
The brand takes its name from William Scholl, a podiatrist based in Chicago, who invested the Scholl footbed for sandals in 1906. The non-American business was bought by SSL International of the U.K. in the 1980. It was subsequently sold along with Durex condoms to Reckitt Benckiser at the end of 2010.