Because Tomat will sell the Lotto brand to a US fund
Lotto Sport Italia by Tomat has announced that it has sold the well-known Italian sports brand to the American fund Whp Global, owner of the Anne Klein brand.
Whp Global and Lotto Sport Italia announced today that they have concluded an agreement for the sale of the historic Italian sports brand to the US fund owner of the well-known Anne Klein brand.
Under the agreement, Whp has acquired the worldwide rights of the well-known Italian sports brand. At the same time, Lsi, led by Andrea Tomat, will continue to manage the Lotto brand in the main markets: Italy, Europe, Middle East and Africa.
Together, LSI and Whp will follow design, product development, marketing and brand management for Lotto's more than 50 globally active partners, generating over $ 400 million in retail sales each year.
THE COMMENT OF TOMAT
"This agreement is an Italian success – commented Andrea Tomat, president and CEO of Lsi – because it is thanks to an innovative collaboration project with Whp Global that Lotto, one of the best known and most appreciated sportswear brands in Italy, will be able to compete at the highest level to become one of the most loved brands in the world ".
THE LOTTO BRAND MAP
The Lotto brand is distributed in over 100 countries and is among the most important companies in both football and tennis. The brand is worn by more than 40 football teams, by over 300 footballers and by more than 200 professional tennis players in over 40 countries, including the current number 8 in the world, Matteo Berrettini.
THE WORDS OF THE DIU WHP SUMMIT
“We will work on the success of the brand with Andrea Tomat and the entire LSI team – said Yehuda Shmidman, CEO of Whp Global. – We are very optimistic about Lotto's future, which represents enormous potential. Our immediate objective is to increase the distribution of the brand in the USA and in the main markets worldwide ”.
THE COMMITMENTS OF LOT AND WHP
With the aim of accelerating Lotto's development in the 'performance' category of sportswear, Whp and Lsi will invest together to expand their presence in new markets by strengthening the main product categories, and activating digital channels not yet explored and partnerships with top-level athletes. world.
WHAT RADIOCOR WRITES
The sale of the Lotto brand to the Americans goes in the direction of a strengthening of the brand's development prospects, accompanied by a financial recovery of the company, writes Radiocor-Sole 24 Ore .
REASONS FOR THE OPERATION
According to company sources, the transaction was designed to guarantee significant financial resources to Lotto Sport Italia while guaranteeing the development of the Lotto brand globally. Some time ago the company, which among others dresses the tennis player Matteo Berrettini , had leaked the news of an agreement whose direction sees the strategic role of Mediobanca.
THE REASONS FOR THE SALE OF THE BRAND
The sale of the brand will not question the position of Andrea Tomat, who remains president and CEO, and will make it possible to reduce an overall debt of around 100 million euros, against a sales value that in 2019 was equal to 218 million euros.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-tomat-cedera-il-marchio-lotto-a-un-fondo-usa/ on Wed, 18 Aug 2021 13:54:27 +0000.