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Sonae SGPS has announced to the CMVM – the Portuguese Securities Market Commission –that it has acquired the remaining 50% of Salsa, a Portuguese denim brand, from Filipe Vila Nova, and now controls 100% of the company, after acquiring the first 50% in May 2016. The deal, which T had already reported on last September, is now awaiting approval by the Portuguese Competition Authority.
Established in 1994, Salsa is present in over 35 countries and more than 60% of its business volume originates in foreign markets. In 2019, the company registered a turnover in excess of 200 million euro.
The nomination, in the beginning of last year, of José António Ramos as CEO of Salsa was the second-to-last step of the complete takeover of the Portuguese jeans brand by Sonae. Filipe Vila Nova was one of the three founders of Salsa. In 2008, the family decided to split apart: Filipe bought his siblings’ shares as they, Beatriz and António, brought Tiffosi back to life. “We didn’t have the size or financial prowess in order to carry out the internationalization at a desirable pace”, stated Filipe Vila Nova in 2016, describing his reasons for establishing a partnership with Sonae, entailing the sale of 50% of the company.
In the fashion area, Sonae (whose portfolio also includes brands like Zippy, Mo and Deeply) reached a business volume close to 395 million euro last year, a 4.9% increase in homologous terms.