Sneakersnstuff Acquired by Reziprok Ventures, Co-Founder Erik Manzano Fagerlind to Return as CEO
One month after filing for bankruptcy, Sneakersnstuff (SNS) has been acquired by venture capital firm Reziprok Ventures.
In a statement released by the Swedish sneaker retailer on Friday, this new partnership with Reziprok Ventures “marks a fresh commitment to energize the local community through existing SNS stores located in London, Paris, Berlin and Stockholm.” The statement also confirmed “a targeted re-opening in New York paired with a more curated digital offering.”
What’s more, Marcus Willand of Reziprok Ventures, who is listed on his personal LinkedIn as a managing partner, confirmed the return of SNS co-founder Erik Manzano Fagerlind as chief executive officer. Manzano Fagerlind stepped down as CEO in January 2021 and assumed a creative director role, and in June 2022 he departed the company entirely.
“We are excited to join forces with Erik and the SNS team to build a sustainable future together, honoring their heritage while driving the next era of innovation in sneaker culture,” Willand said in the statement.
Manzano Fagerlind added, “SNS will continue to be a hub not only for sneaker lovers, but for all sub-cultures sneakers are a part of, promoting inclusivity, creativity and innovative ideas. We’re thrilled to bring back community-driven events and further enhance our connection with the community in every city we touch.”
In the statement, Reziprok Ventures stated it sees itself “as a hands-on investor focused on fostering sustainable growth and building market resilience” and views the acquisition “as a natural alignment with its mission.” Also, Reziprok Ventures stated it identified SNS “as a brand with deep heritage and future potential.”
The statement also confirmed SNS’ mission was to “reconnect with the local community by celebrating the various cultures that are affiliated with sneakers” by offering “unique physical and digital experiences that celebrate local culture, art and the vibrant lifestyles surrounding sneakers.”
Reziprok Ventures stated freelance consultant Oliver Pressinger “played a key role in supporting this transaction,” and Marc Harris of boutique law firm Dangoor Associates “provided invaluable support.”