Sneakersnstuff's Co-Founder & CEO Clears News Surrounding Recent Business Move

The brand is looking to expand.

By
Footwear
18,919 Hypes 8 Comments

UPDATE: Sneakersnstuff’s co-founder and CEO, Erik Fagerlind, has reached out to provide information regarding the latest news surrounding the retailer. Check below for Fagerlind’s statement.

This week, various press reported that SNS cashed out and sold to a VC for $57 Million USD. That is not entirely true. And as very few media have reached out to even verify it with us – I figured we needed to post this short message to straighten things out. I mean, we have always been as transparent as possible – so why stop now?

What happened was that the VC partner that we have had for the past three years was at the end of their term. We looked around for a new partner and found it in FSN Capital. And when that deal was structured – a holding company was set up. The holding company then bought all shares in SNS – and for the money that the holding company paid – myself, Peter and all other invested managers of SNS re-invested the majority of it in the new holding company. So, we pretty much swapped shares in SNS for shares in SNS Holding company.

And to be extra super transparent – we did not re-invest all of it. But the majority of it.

So, we haven’t cashed out. We have a new partner that better can support our ambition going forward. We have a new store opening in the USA this fall. And we are looking into how to open stores in Asia in 2019. We have a bar opening in New York this fall. And a club in Berlin. So for us, it is important to have the right partner who can support our vision long term.

The rumor about the 57 million dollars comes from the evaluation that FSN made of SNS in order to replace our former VC partners. Between everyone involved, we have agreed not to publish the evaluation – but I can tell you that 57 million dollars is not correct. That is a number someone made up. I would like to point that out, as the 57 million dollars is now used as headline/click bait.

What happens now then? Well – there are a few raffles next week. And a few launches this week. And more to come for sure. Management and all teams remains the same. Me, Peter and our now 200 people deep SNS family will still be running SNS. There are still many years left on our journey, and we are still excited to be here.

Thank you.

According to reports, Sweden’s Sneakersnstuff was snapped up by venture capitalist firm FSN Capital for a jaw-dropping 500 million SEK (about $57,205,000 USD). The company, founded in 1999, has been managed by Peter Jansson and Erik Fagerlind since it opened.

Jansson and Fagerlind founded the company after a trip to New York spurred their desire to open a sneaker store in their native Stockholm, after initially bonding over rare sneakers. “We went to New York together to look at unique models that weren’t available in Sweden,” said Fagerlind. “As the rumors of our journey spread, our shopping list grew. We realized functionality wasn’t everything and that there was a high demand for fashionable sneakers.” Sneaker companies like Nike and adidas were hesitant to work with the company, “as Sweden was considered too small and too risky to take in smaller collections.” Sneakersnstuff now operates several boutiques outside of Sweden, including outposts in New York, London and Paris.

Fagerlind and Jansson haven’t announced their departure from the company — far from it: Fagerlind stated that “We have upcoming store openings in the US this autumn and are looking into how we will expand into Asia next year.”

The footwear retailer recently dropped an exclusive pack of summer-ready NMD R1s.

Read Full Article
Source
Business Insider

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

100 Users Online

What to Read Next

SOB X RBE Announce the 'Global Gangin' World Tour
Music

SOB X RBE Announce the 'Global Gangin' World Tour

See all the cities and dates here.

A New 'Diablo' Game Is Coming
Gaming

A New 'Diablo' Game Is Coming

And it most likely isn’t a port.

Nike Revisits the Air Max 95 "Juventus"
Footwear

Nike Revisits the Air Max 95 "Juventus"

Channeling memories from 2003.


Doublet Wins 2018 LVMH Prize
Fashion

Doublet Wins 2018 LVMH Prize

The Jaden Smith-approved label was selected by top fashion designers.

'Fortnite: Battle Royale' Reintroduces Jump Pads
Gaming

'Fortnite: Battle Royale' Reintroduces Jump Pads

Advanced players are already using Bouncers for wild trick shot kills.

Stream 03 Greedo's Latest Single, "Floating" Single
Music

Stream 03 Greedo's Latest Single, "Floating" Single

Continuing to fulfill his destiny.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.