Swedish hygiene group Essity, which owns global brands such as Tempo and Zewa, has announced that it has acquired an 80 percent stake in Canadian underwear brand Knix Wear Inc. Knix Wear has made a name for itself as a manufacturer of period underwear. The purchase price is 315.5 million euros (320 million US dollars).
Through the acquisition of the Canadian label, which is pending regulatory approval and is expected to close in the second half of 2022, Essity aims to become a global leader in “leak-proof clothing” after already launching similar brands like Libresse, Bodyform and Tom Organic in has in his portfolio.
Joanna Griffiths, who founded Knix in 2013 and has led it since, will hold the remaining 20 percent stake and continue to serve as President. Knix, valued at $400 million according to Essity, already has a strong presence in the US and Canada, selling primarily through direct-to-consumer online channels and six own-brand retail stores. In 2021, the company reported net sales of EUR 101.4 million (CAD 133.6 million) and sales growth of 97 percent.
“As a pioneer in the reusable leakproof underwear category, it is a dream come true to partner with Essity,” Griffiths said in a statement. “We both share the same goal of improving the lives of our customers and making a positive impact on communities that we operate in. I’m really excited to start this next chapter together and continue to build on Knix’s great growth and momentum.”
This translated and revised article first appeared on FashionUnited.uk.