Snocks, the German start-up known for its underwear and socks, has sold a minority stake to private equity firm Cathay Capital.
The underwear brand intends to speed up the process of global expansion of its business by selling a stake to the aforementioned firm.
The private equity firm is, reportedly, investing a significant amount – estimated in the tens of millions of euro – in Snocks.
Notably, Snocks’ founders retain a majority stake in the firm and will continue to manage its business operations.
More on the expansion plans, Johannes Kliesch, Founder, Snocks, said that the brand wants to expand its business in France this year, and open an office in Paris.
He added that the brand expects to achieve a revenue of approximately €1 million there.
He believes France will serve as a test ahead of further expansion in other western European countries like Spain, Italy and Scandinavia.
Snocks, founded by Johannes Kliesch and Felix Bauer in 2016, is an online-only business.
