THE WHAT? Matas Group has announced that it has signed an agreement with Axel Johnson to acquire Kicks Group for DKK1.366 million. The acquisition is expected to close in the third quarter of 2023 and will be fully debt financed.
THE DETAILS Kicks and Skincity will remain as individual banners and will continue to be based in Stockholm. Together, Matas and Kicks Group will serve more than 5 million club members across four Nordic markets with some 500 stores and a total revenue of DKK7.616 million for 2022/23.
THE WHY? Gregers Wedell-Wedellsborg, CEO of Matas, explains, “With the acquisition of Kicks Group, we are creating the Nordic leader in beauty and wellbeing through the addition of the Kicks and Skincity banners. Kicks Group and Matas are an excellent match and by combining our two complementary businesses, strong omnichannel positions and passionate organisations and shared culture of customer service, we will lead the Nordic beauty market. I look forward to welcoming our approximately 1,700 new Swedish, Norwegian and Finnish colleagues to the group. United, we will strive to always be the first choice for beauty and wellbeing in the Nordics to the benefit of both our customers, colleagues, partners, and shareholders.“