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Maria Montgomerie
Manager Corporate Communications
+46 8 587 919 28, +46 70 64 919 28
maria.montgomerie @industrifonden.se
September 24, 2008
Industrifonden invests in children's shoe chain Vincent
Stockholm, Sweden: Industrifonden is investing SEK 8 million in the rapidly growing footwear chain Vincent, which offers high-quality, Swedish-designed children's shoes at reasonable prices. The money will be used for Vincent's current international expansion. Also participating in the new share issue totaling SEK 11 million is Patrik Tillman, a major shareholder in the clothing company Odd Molly.
The business was started in 1999 as a reaction to a lack of appealing, trendy children's shoes of high quality. Designers Thomas Elbaum and Patrick Österman wanted to buy a pair of shoes for Thomas' year-old nephew, Vincent. What they found was a limited supply of boring models. That gave them the idea to design cool, fun shoes of high quality under a new name. The first Vincent store opened in Stockholm in August 1999.
Vincent Shoe Store currently operates around 30 stores in 10 countries: Sweden, the U.S., Canada, Germany, Russia, Switzerland, England, Ireland, Austria and Italy. They include both company-owned and franchised stores. The plan going forward is to expand further with an emphasis on more stores in Sweden, Germany, Russia and the U.S. The company reported revenues of SEK 22 million last year, which it expects to double this year. The goal is to continue to grow and have 120 stores within three years.
"Adding Industrifonden and Patrik Tillman as owners makes it possible for us to expand faster," says Vincent's CEO, Peter Elbaum. "We will accelerate growth through our own stores, strengthen working capital and intensify marketing to both franchisees and consumers."
"We believe the company has good prospects of succeeding in the international market," says Tore Tolke, Investment Manager at Industrifonden. "They have a strong concept in a specific niche where demand is high: children's shoes of superior design and high quality at a reasonable price."