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

The brand is looking to expand.

Footwear
19,178 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

What to Read Next

HAY Festival Co-Founder and Director Has Resigned Amidst Bullying Probe
Art

HAY Festival Co-Founder and Director Has Resigned Amidst Bullying Probe

The latest event to hinder the annual literature and arts festival.

Neuralink Co-Founder Has Left Elon Musk's Brain Implant Company
Tech 

Neuralink Co-Founder Has Left Elon Musk's Brain Implant Company

Max Hodak quietly left Neuralink “a few weeks ago.”

Vans' Co-Founder Paul Van Doren Dies at Age 90
Footwear

Vans' Co-Founder Paul Van Doren Dies at Age 90

The footwear industry icon will forever be remembered for his mark on skate culture.


Ethereum Pushes Past $3,000 USD, Turning Its Co-Founder Into a Billionaire
Tech 

Ethereum Pushes Past $3,000 USD, Turning Its Co-Founder Into a Billionaire

Vitalik Buterin helped launch the Ethereum blockchain in 2015.

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.

Peter Parker Mentors Miles Morales in New 'Spider-Man: Into the Spider-Verse' Trailer
Entertainment

Peter Parker Mentors Miles Morales in New 'Spider-Man: Into the Spider-Verse' Trailer

Spider-Gwen makes her big screen debut.

Takashi Murakami Celebrates Texas Exhibit With New 'Flower' Cushions
Art

Takashi Murakami Celebrates Texas Exhibit With New 'Flower' Cushions

Three vibrant colorways in different sizes.

Aimé Leon Dore Shares Summer 2018 Capsule Collection
Fashion

Aimé Leon Dore Shares Summer 2018 Capsule Collection

Perfect for a summer night.

Chief Keef Drops New 'Ottopsy' EP
Music

Chief Keef Drops New 'Ottopsy' EP

The revered Chicago rapper laces up five new cuts.

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.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.