Swedish men’s and women’s underwear, sportswear and footwear business Björn Borg has acquired full control of its UK arm.
It previously held an 80% stake, while its UK managing director, Callum Sneddon, owned the rest. It has now acquired the 20% stake from Sneddon, who has left the business.
Former UK sales manager Neil Smith will take over as country sales manager for the UK.
Sneddon joined Björn Borg in September 2010 from young fashion brand Firetrap, where was commercial director from November 2009. Previous employers include Speedo and Pringle of Scotland.
Smith also worked at Firetrap before joining the Swedish brand. He was international sales manager at Firetrap from May 2009 to November 2010. Before that, he held roles at Burberry, Ben Sherman and French Connection
Björn Borg said the acquisition of its UK arm was “a step towards the group goal of becoming more vertically integrated”.
The group already owns 100% of the shares in Björn Borg Brands, Björn Borg Footwear, Björn Borg Sport, Björn Borg Inc and Björn Borg Services. It also owns 75% of Björn Borg China and 75% of Björn Borg Finland.
It took the distribution of products in the Benelux region in house in December last year.
Chief executive Henrik Bunge said: “We have now taken yet another step to cut the distance between the Björn Borg headquarters and the end consumer. Integration is crucial to understand and consequently make a difference for consumers on our different markets”.
Between January 1 to December 31 2015, the group increased net sales by 7% to SEK 574.3m (£48m). Operating profit amounted to SEK 58.6m (£4.9m), while it made a profit after tax of SEK 41.6m (£3.5m). Recent results for the UK business were not available.
Björn Borg is stocked in the UK by House of Fraser, John Lewis, Asos, Selfridges and Harvey Nichols, among others. The business declined to provide stockist numbers.