Josef Seibel has formally acquired selected assets of Romika, retaining only 80 of the former 115 employees at the latter’s head office in Trier. Several key managers including Marco Guicciardi, who held the top position and a financial stake in it lately, have left the company, which is now run by Carl-August Seibel and his front man, Andreas Garnier. Garnier lstill ives in Trier as he worked for Romika before.

Acting through a holding company, CA Seibel GmbH, Seibel has acquired most of the assets of the bankrupt Romika in Germany and the Czech Republic, including its direct injection equipment, but not the real estate or the liabilities. All in all, Seibel has invested between €5 million €10 million in the acquisition, according to various reports, including the rights to the Romika brand, which were previously in the hands of a Swiss investor, Gisela Oehri.

Romika’s US subsidiary in Miami is being closed and its business is being integrated with that of Seibel’s successful operation in Salem, Oregon, which began to do some pre-selling of Romika’s collection at the WSA show in Las Vegas last February. The two brands share the same distributors in France, Australia and a few other markets, but otherwise the respective sales networks remain separate.

The main synergies will take place at the purchasing and manufacturing level, as previously indicated. Together, the two companies will deliver about 5 million pairs of shoes annually, of which nearly 2 million will be under the Romika brand. About 70 percent of their production will take place in Eastern Europe and 25 percent will be sourced in Asia.