Swims becomes part of the Differential Brands Group

By

Olivier Guyot

Translated by
Nicola Mira

Published
Jul 20, 2016

Making galoshes synonymous with style was Swims' successful gamble. In the last 10 years, the Oslo-based Norwegian brand created by Johan Ringdal and Alex Eskeland has found its niche in the chic sportswear world. They began by making a splash with galoshes, waterproof, colourful overshoes, then with a range of water-friendly footwear. In 2013, Swims expanded its offering with an equally sport-oriented range of apparel. Swims' positioning allowed the brand to appeal to high-end retailers looking for functional products, and caught the eye of large groups.

The Differential Brands Group has now announced the Norwegian label's acquisition, boosting the portfolio of the newborn US conglomerate, founded at the start of the year around the Hudson Jeans and Robert Graham brands.

Investment fund Tengram Capital lies behind the inception of this new fashion brands group, which intends to develop an international omni-channel strategy. Tengram first acquired the Joe's Jeans group, owner of premium denim labels Joe's Jeans and Hudson Jeans. It then split from Joe's Jeans to concentrate on Hudson Jeans. An international strategy was introduced, setting up a network of sales agents and relying for example on Zitra (of the Otto group) for its European logistics. Together with Robert Graham, a more traditional US sportswear brand, Tengram then set up the Differential Brands Group.

"Swims' unique international positioning in the waterproof footwear and apparel category fits with our strategy of building up a portfolio of complementary premium brands, explained Differential Brands General Manager Michael Buckley in a press release. We believe that Swims offers a significant growth opportunity, thanks to its increasing reputation and constant expansion in the USA and on international markets. The acquisition also brings in its own worldwide sales network, useful for strengthening the Robert Graham and Hudson Jeans businesses."

In the first quarter of its non-calendar 2016 fiscal year, closed at the end of March, the group reported a revenue of nearly $35 million and an operational loss of $3 million, following the reorganisation of its brands' retail operations.