Soya Concept, a successful Danish women's fashion company, has entered the footwear segment by purchasing Shoe the Bear, another Danish company that designs and sells men's and women's shoes in more than 20 countries, mainly online. The takeover comes with the appointment on June 1 of a new chief executive for Soya, Mikael Hansen.
Specializing in the development of minimalistic leather shoes made in Portugal, Shoe the Bear was funded in 2007. Its owners, Thomas Frederiksen and Jakob Fuglsang, have become shareholders in Soya Concept as part of the takeover.
Local reports indicate that Shoe the Bear's sales grew by 42 percent in 2017, although no precise sales figures were given, but its profitability declined due to the establishment of a subsidiary in the U.K. With the brand's acquisition, the Soya Concept group's total sales will reach an annual level of at least DKK 600 million (€80.5m-£94.9m).
Founded in 2002, Soya Concept sells women's apparel under its brand name at wholesale through more than 2,500 stores across the world. Another women's fashion brand recently added by the group, Leveté Rooms, is sold in about 300 stores in Scandinavia.