Sneakersnstuff Sold for Over $57 Million USD

Sneakersnstuff Sold for Over $57 Million USD

Sweden’s Sneakersnstuff was recently snapped up by venture capitalist firm FSN Capital for a jaw-dropping 500 million SEK (about $57,205,000 USD). The company, founded in 1999, has been managed by Peter Jansson and Erik Fagerlind since it opened.

Jansson and Fagerlind founded the company after a trip to New York spurred their desire to open a sneaker store in their native Stockholm, after initially bonding over rare sneakers. “We went to New York together to look at unique models that weren’t available in Sweden,” said Fagerlind. “As the rumors of our journey spread, our shopping list grew. We realized functionality wasn’t everything and that there was a high demand for fashionable sneakers.” Sneaker companies like Nike and adidas were hesitant to work with the company, “as Sweden was considered too small and too risky to take in smaller collections.” Sneakersnstuff now operates several boutiques outside of Sweden, including outposts in New York, London and Paris.

Fagerlind and Jansson haven’t announced their departure from the company — far from it: Fagerlind stated that “We have upcoming store openings in the US this autumn and are looking into how we will expand into Asia next year.”

The footwear retailer recently dropped an exclusive pack of summer-ready NMD-R1s.

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