For €4 million Pikolinos has bought Martinelli, described as the third most popular Spanish brand of men’s dress shoes in its home market. The brand has a range of women’s dress shoes too, but is more known for its men’s footwear.
Pikolinos plans to use its own agents in Spain, France and in the Netherlands to «repromote» the brand in those countries. The company will also begin selling the brand in Russia through a distributor there, Anvic. Pikolinos plans a global roll-out at a later date.
Martinelli was previously owned by the Martin family and distributed only in Spain. Pikolinos claims to be the #2 footwear company in Spain after Camper, but it hopes that the acquisition will take it to the number one position. Last year the company’s total sales were €70 million, a slight decline from the year before. Of the total, €9 million was generated in the USA. Pikolinos is budgeting a turnover of €85 million for 2007.
The Spanish company currently operates five of its own stores in Spain, and would like to open another 15 this year, but the additional stores will likely be franchises.