XTEP International Has Completed The Acquisition Of Three Brands Of K-Swiss, Palladium And Supra.

In August 1st, XTEP International Holdings Limited (hereinafter referred to as XTEP International) announced that E-Land Footwear USA Holdings Inc. has become an indirect Affiliated Companies wholly owned by XTEP. This means that XTEP has completed the acquisition of "K-Swiss", "Palladium" and "Supra" brand.

XTEP International announced that in May 2, 2019, the company's wholly-owned subsidiary Xtep Global Limited intends to acquire E-Land E-Land Footwear USA HoldingsInc. of all issued share capital to E-Land World and E-Land USA, with a cash price of US $260 million. All the prerequisites contained in the share purchase agreement have been concluded and / or exempted pursuant to the share purchase agreement, and the delivery has been carried out in Hongkong time on August 1, 2019 in accordance with the terms and conditions contained in the agreement.

Following the delivery, E-Land Footwear USA HoldingsInc. has become an indirect wholly-owned Affiliated Companies of the company.

It is reported that the target group is mainly engaged in the design, development and marketing of 3 international brands (including K-Swiss, Palladium and Supra), as well as two sub brands (i.e. PLDM and KR3W) sports, high-performance sports, all terrain adventure activities and fitness activities footwear, clothing and accessories, and casual wear.

In the previous transaction statement, XTEP International said that the group was in transition to multi brand group. The brand of the transaction target and its existing brand complementation will transform the company into a global sporting goods company that meets the needs of different consumers. It also believes that K-Swiss and Palladium have great opportunities in China. The board believes that with the huge distribution network, R & D and supply chain resources of the company, it will significantly enhance the competitiveness and profitability of the acquired brand.