Lowa acquires footwear supplier
Germany-based outdoor footwear specialist Lowa Sportschuhe has announced the acquisition of one of its most important suppliers. Riko Sport has been making shoes for Lowa since 1992, employs 1,900 people in Italy and Slovakia, and has become a wholly-owned subsidiary of Lowa. The addition of these employees will bring Lowa’s total workforce to more than 2,000 members of staff. Riko Sport reportedly manufactures around 12,000 pairs of shoes for Lowa each day in its Slovakian factory.
In addition to selling Riko Sport to Lowa, the Castellani family are transferring their 15 per cent stake in Lowa to the Tecnica Group, which will now own 75 per cent of Lowa. Former Lowa chief executive Werner Riethmann will hold the remaining 25 per cent.
“Riko Sport has been producing the main share of our footwear for many years now,” commented Lowa chief executive Alexander Nicolai. “We would like to thank them for their dedication and excellent work throughout this entire time. By integrating Riko Sport into the Lowa Group, we will be able to intensify our work together in the future.”
“We will have a smooth transition, and we are really happy that the company is being acquired by our years-long partner Lowa, a company whose employees we really respect for their integrity and expertise,” said Riko Sport president, Renzo Castellani.
LOWA Sportschuhe was founded in 1923, is headquartered near Munich and has been part of the Italian Tecnica Group since 1993.
The photograph above shows Alexander Nicolai (left) with former CEO Werner Riethmann.
This article was originally published on page 4 of the October 2019 issue of SATRA Bulletin.