The growth equity fund, Scope, and Industrial Advisor, Jonas Meerits, have become new partners in fast growth company Happy Socks. The first target with founders Mikael Söderlindh and Viktor Tell, who retain ownership, is to double the sales figures in 2015.
Happy Socks was founded in 2008 by CEO Mikael Söderlindh and Creative Director Viktor Tell. The company rapidly grew into a strong brand in a category that they have led the way in creating, that of colourful socks and underwear. With physical distribution in around 70 countries and 8,000 outlets the world over, sales in 2014 reached SEK 125 million, equivalent to SEK 600 million in retail value. The growth rate for the past three years has averaged 70 per cent per annum. The company has a strong global e-commerce and last December was nominated for the Digital Gasell Award by Di and Google.
"Things have just rocketed since day one and we've had to keep developing the company to meet the strong growth. Victor and I, together with the other partners, felt it was time to change the ownership structure to take us to the next level as one of the large Swedish fashion companies. The partnership with Jonas and Scope will bring the company into a new phase while building on the success story together. This is a highly charged infusion for us who fought hard to get where we are today,” says CEO Mikael Söderlindh.
The original partners in Happy Socks remain as owners. As well as the founders, the group includes Jonas Mårtensson, CEO Mojang, Jens Berlips, CEO and owner of ApoEx, the 2014 Super Gasell Award winner, and Mathias Berggren, Partner in DLA Nordic. The latter two remain on the board of directors.
New Chairman of the Board and co-investor will be Jonas Meerits, previously CEO at J.Lindeberg and currently industrial advisor at Scope, board member at Ellos and partner in Klättermusen.
"I've followed Happy Socks' progress for some time and am very impressed by what Mikael and Viktor have built up and by the smart business model that is the Happy Socks concept. The company has its own highly successful global e-commerce and Happy Socks is popular among outlets, who do a good trade with products that spread happiness and give a good return at little risk. I'm looking forward immensely to working with Mikael and Viktor and taking Happy Socks to new heights," says Jonas Meerits, incoming Chairman of the Board.
"Mikael's and Viktor's business acumen is an inspiration to us all and, together with Jonas Meerits, we look forward to adding our experience to this highly competent team and lifting the company to the next stage in its growth journey," says Fredrik Oweson, partner in Scope and incoming member of the board.
For further details please contact:
Founder and CEO of Happy Socks
+46 (0) 704 71 03 50
Incoming Chairman of the Board at Happy Socks
+46 (0) 702 22 63 50
+41 79 628 32 71
About Happy Socks
It all began on a typically overcast April day in spring 2008. Two friends had a vision of turning a daily necessity into a colourful design object with a rigid standard of excellent quality, craftsmanship and innovation, a concept that was put into practice and shaped to perfection by Happy Socks' founders.
Following the success of unisex socks, Happy Socks broadened its collection with the addition of underwear and accessories. As the product portfolio and network of global outlets grew, Happy Socks cemented its position as the first lifestyle brand designer sock company with a series of successful collaborations with artists and brands the world over.
The Scope Funds invest in Nordic growth opportunities. The objective is to generate high, risk-adjusted, financial returns in any economic environment. Investments are made in companies based on innovation and creativity with proven value added. As an active owner, Scope partners with management to create companies with internationally scalable platforms that support sustainable growth. Scope manages two funds with a combined capital of approximately 200 million euro. Scope Capital Advisory, with operations based in Stockholm and Geneva, is advisor to the funds. For further details go to http://www.scope.se
The Scope Funds invest in Nordic growth opportunities. The objective is to generate high, risk-adjusted, financial returns in any economic environment. Investments are made in organizations with proven value added and differentiated value propositions.
As an active owner, Scope partners with managements to create companies with internationally scalable platforms that support sustainable growth. Portfolio companies are required to exhibit high growth rates and investments are typically made without, or with very moderate, financial leverage.
For more information please visit: http://www.scope.se/