Footway acquires Heppo from CDON and expands assortment
Footway acquires Heppo from CDon in another step towards becoming the leading online shoe store in the Nordics. The Footway team previously built up Lensway during a 10 year period to become the leading online player within lenses with sales of half a billion SEK.
Heppo has sales amount to approximately 100 million SEK per year. After the acquisition Footway will offer their customers 17 000 different shoe models with 1-2 day delivery in the whole of the Nordics. Closing is planned to 18 of April. In relation to the acquisition there will be a new issue in Footway where current owners eEquity, Industrifonden, Rutger Arnhult amongst others will invest an additional 40 million SEK in the company. Footway today has both logistic center and head office in Kista, Stockholm.
“The acquisition will increase our assortment of shoes with 300% which creates a huge customer value. As we have logistics and customer service in-house, which our competitors don’t, we can strive for the highest possible customer satisfaction which we believe is very important especially when we now increase our assortment and sales” says Daniel Mülbach, founder Footway
“Through the acquisition of Heppo we lay the foundation for Footway to grow and become a billion revenue company within the Nordic market. We believe the online penetration of shoes sold online will increase from todays 6% to 18% which is similar to current levels in the US and continue to grow towards a 30% share over a five year period.” says Patrik Hedelin, Partner eEqutiy.
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