LionRock Capital will acquire Clarks, the 195-year-old renowned British shoe brand, with the Clark family to remain invested in the business.
Giorgio Presca, Chief Executive Officer at Clarks, said: "For nearly 200 years, Clarks has been a pioneer of shoemaking, inventing the casual shoe and delivering innovative and iconic shoes consumers love and trust. Underpinned by a rich heritage and strong values, today we are a leading global footwear brand serving millions of consumers across the world. Our new strategy, in conjunction with our new partnership with LionRock Capital will create a strong and sustainable future for this unique and iconic brand.
Our strategy is designed to put the consumer at the heart of everything we do through a focus on brand segmentation and revitalising our brand communications, digital experience and product design to create consumer desire. The challenges to our business brought on by Covid-19 have meant that we need more resources and investment in order to fully deliver this strategy and safeguard the future of our business. The new partnership with LionRock Capital will provide this as well as the expertise to grow the Clarks brand in China, which remains a primary opportunity. Our people, partners and customers remain our top priority and we are committed to building a relevant, accessible and desirable brand that reflects the way consumers live their lives.”
Daniel Tseung, Founder and Managing Director of LionRock Capital, added: "Clarks is one of the world's most recognized consumer names and we look forward to working with the Clark family in extending its tradition of providing customers with top quality products and exceptional service. We are extremely pleased to have the opportunity to partner with Clarks in expanding the company's global operations and worldwide customer footprint. Our investment will not only strengthen Clarks’ position as one of the world's most recognized brands, but also allow growth into key emerging markets. We believe our investment would create a stable platform for the Company from which to manage through the unprecedented crisis, holistically restructure and transform the business and further expedite the brand’s growth globally going forward."
