Sonae, through Sonae SR, has entered into an agreement to acquire 50% of the capital of the company holding the Salsa brand, IVN – Serviços Partilhados, S.A. This is part of the Sonae strategy,
which intends to strengthen its global presence, the diversification of investment styles, and reinforce its assets and competences.
Set up in 1994, Salsa is an international brand of jeanswear of Portuguese origin, and known for its entrepreneurial spirit and the development of innovative products. Professing to be a truly global
company, Salsa is today present in 2,000 points of sale in 32 countries, in 2015 having registered a turnover of 106 million Euro, of which 56% were in international markets.
Miguel Mota Freitas, CEO of Sonae SR, says: "Today, Salsa is one of the best Portuguese fashion brands around, and we are very pleased with the signing of this partnership which will strengthen
our strategy of building a distinctive portfolio of retail brands and the international presence of our activities".
Filipe Vila Nova, CEO of Salsa, and who will stay on to lead the company into the future, says: “Salsa, because of its recognized culture of innovation, is totally in line with Sonae, which has innovation as one of its core values. This joint venture will allow us to proceed with the development of the brand, opening new prospects and growth opportunities."
This partnership will help accelerate Salsa's international expansion and act as another contribution for the development of critical competences that will allow for the further growth of Sonae SR
Sports & Fashion's brand portfolio.
The conclusion of the agreement is dependent on the fulfilment of the agreement's postulations, including the approval by the Competition Authority, as well as on the attainment of a set of agreements with third parties.
Vila Nova de Famalicão 12th of May, 2016