Coats acquires Texon as athleisure footwear market booms
Industrial threads giant Coat Group said on Wednesday that it has acquired Texon, “a global leader in premium structural components and materials for the footwear, accessories and apparel industries”, as the new owner “expands its presence in athleisure footwear”.
Texon provides “high-quality” structural components to the global market and has “a long heritage as a proven supplier to the world’s leading brands”. It also has a big focus on sustainability.
The business is focused on such components as heel counters, toe puffs and insoles.
While it’s not been revealed what the takeover will cost Coats, the acquisition would certainly seem to make good commercial sense given the seemingly unstoppable rise of the premium athleisure shoe market.
Texon has operations in Asia and Europe and will be a good fit for Coats’ existing footwear business, with the company saying there are “attractive commercial opportunities from leveraging Coats' existing footprint”.
CEO Rajiv Sharma said: “The business is complementary to Coats and provides attractive future commercial opportunities as we work together leveraging our combined expertise and knowledge to succeed with our customers.”
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