The international rights of Lotto pass into the hands of Global Whp. The global management of the historic Italian sports brand, based in the province of Treviso, has been taken over by the American group controlled by the fund Oak for a figure not yet disclosed. The brand will then join a Joseph Abboud, Anne Klein e Toys r us, already in the Whp team, with which he will implement new development strategies.
As part of the deal, the joint note explains, Lotto will continue to manage the Lotto brand in key markets in Europe, the Middle East and Africa headed by the current CEO. Andrea Tomato. The transaction, managed by the financial advisor Mediobanca, therefore does not imply the participation of Whp in Lotto, but “will allow the Italian company to obtain liquidity equal to half of the debt exposures, which reached almost 100 million euros”.
Among the reference markets for the sportswear brand Veneto, stands out the American, which the American investment fund has identified as the most potentially profitable and currently representing around 18% of Lotto sales.
“Lotto is a legendary Italian sports brand rooted in an invaluable heritage that athletes and fans around the world adore,” he commented. Yehuda Shmidman, CEO of Whp Global. “We are very optimistic about the future of the brand as we work closely with Andrea Tomat and the whole Lotto Sport team”.
Tomat himself echoed him: “With Whp Global, we immediately shared the importance of the values that Lotto brings with it, values related to sport, innovation, well-being, lifestyle and Italian taste. These are the values in which we are going to invest to ensure a growing presence in all markets “.
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